31A-19a-408. Procedures for workers' compensation tiered rate filings.

193 words·~1 min read·/ut/title-31a/chapter-19a/31a-19a-408

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Notwithstanding Section 31A-19a-214 and subject to the other provisions of this section, a workers' compensation insurer may file with the commissioner a rate filing for workers' compensation insurance that provides for a plan with more than one rate tier for a single insurer or an insurer group with common ownership if the filing shows that:

(a)each tier is established on underwriting rules that are based on criteria that would lead to a logical distinguishing of potential risk; and

(b)supporting actuarial analysis or other information that shows a clear distinction between the following for each tier:

(i)expected losses and expenses; and

(ii)actual losses and expenses.

(2)A workers' compensation insurer shall file with the commissioner an update of the actuarial analysis or other information required under Subsection (1)(b) at least every three years.

(3)A workers' compensation insurer may apply underwriting expertise and judgment in the tier placement process, except that underwriting expertise and judgment shall:

(a)be applied in a prudent manner; and

(b)when applied, be fair, reasonable, and fully documented.

Enacted by Chapter 242 , 2011 General Session