39-71-2211. Premium rates for construction industry -- filing required.
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39-71-2211 . Premium rates for construction industry -- filing required.
(1)With respect to each classification of risk in the construction industry under plan No. 2, the advisory organization designated under 33-16-1023 shall file with the commissioner of insurance a method of computing premiums that does not impose a higher insurance premium solely because of an employer's higher rate of wages paid.
(2)The commissioner shall accept a filing under subsection
(1)that includes a reasonable method of recognizing differences in rates of pay. This method must use a credit scale with the starting point set at 1.168 times the state's average weekly wage as reported by the department.
(3)The advisory organization shall file a revenue neutral plan for new and renewed policies for prompt and orderly transition to a method of computing premiums that is in compliance with the requirements of this section.
(4)The state compensation insurance fund, plan No. 3, shall use the plan filed by the designated advisory organization or use a credit scale plan that meets the requirements of this section.
(5)For the purposes of this section, "construction industry" means the construction group of code classifications filed with and approved by the commissioner to be used by the advisory organization to comply with this section.