The commission, for each calendar year, shall classify employers in accordance with their actual experience in the payment of contributions and with respect to benefits charged against their accounts, with a view to fixing such contribution rates as will reflect the benefit experience. Each employer’s rate for a calendar year shall be determined on the basis of the employer’s record as of July 1 of the preceding calendar year. If as of the date the classification of employers is made the commission finds an employing unit has failed to file any report required in connection therewith or has filed a report which the commission finds incorrect or insufficient, the commission shall make an estimate of the information required from the employing unit on the basis of the best evidence reasonably available to it at the time and shall notify the employing unit by mail addressed to its last known address. Unless the employing unit files the report or a corrected or sufficient report as the case may be within fifteen days after mailing the notice, the commission shall compute such employing unit’s rate of contributions on the basis of such estimates, and the rate as so determined shall be subject to increase but not to reduction on the basis of subsequently ascertained information.

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