Sec. 20. (a) Every company shall adhere to manual rules, policy forms, a statistical plan, a classification system, and experience rating plan filed by the bureau and approved by the commissioner.

     (b) The commissioner shall designate the bureau to assist in gathering, compiling, and reporting relevant statistical information. Every company shall record and report its worker’s compensation experience to the bureau according to the statistical plan approved by the commissioner. The report shall include any deviation from the filed recommended minimum premiums and rates, in total and by classification. The bureau shall annually submit data concerning these deviations to the department. Upon receipt, the department shall evaluate the data and prepare a report concerning the effect of competitive rating in Indiana. The department shall make the report available not later than October 31 of each year.

Terms Used In Indiana Code 27-7-2-20

  • Bureau: means the worker's compensation rating bureau of Indiana. See Indiana Code 27-7-2-2
  • classification: means the plan, system, or arrangement for recognizing differences in exposure to hazards among industries, occupations, or operations of insurance policyholders. See Indiana Code 27-7-2-2
  • Commissioner: means the insurance commissioner of this state. See Indiana Code 27-7-2-2
  • Company: means an insurance company and includes all persons, partnerships, corporations, or associations engaged in making worker's compensation insurance under the laws of this state. See Indiana Code 27-7-2-2
  • Department: means the department of insurance of this state. See Indiana Code 27-7-2-2
  • Experience rating: means a rating procedure utilizing past insurance experience of the individual policyholder to forecast future losses by measuring the policyholder's loss experience against the loss experience of policyholders in the same classification to produce a prospective premium credit, debit, or unity modification. See Indiana Code 27-7-2-2
  • Statistical plan: means the plan, system, or arrangement used in collecting data. See Indiana Code 27-7-2-2
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (c) Every company shall adhere to the approved manual rules, policy forms, statistical plan, classification system, and experience rating plan in the recording and reporting of data to the bureau.

     (d) Copies of all approved classifications, rules, and forms shall be provided to the worker’s compensation board.

Formerly: Acts 1935, c.323, s.20. As amended by P.L.28-1988, SEC.95; P.L.249-1989, SEC.8; P.L.91-1998, SEC.8.

  Previous section
Next section  
 Chapter 2 Contents