Indiana Code 27-7-2-3.1. Duties of bureau
(1) Develop a statistical plan including class definitions.
Terms Used In Indiana Code 27-7-2-3.1
- Bureau: means the worker's compensation rating bureau of Indiana. 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
- 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
- Rate: means the cost of insurance per exposure base unit, prior to any application of individual risk variations based on loss or expense considerations, and does not include minimum premiums. 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
- Supplementary rate information: means any manual or plan of rates, classification system, rating schedule, minimum premium, rating rule, rating plan, and any other similar information needed to determine the applicable premium for an insured. See Indiana Code 27-7-2-2
- Supporting information: means the experience and judgment of the filer and the experience or data of other companies or organizations relied on by the filer, the interpretation of any statistical data relied on by the filer, descriptions of methods used in making the rates, and any other similar information required to be filed by the commissioner. See Indiana Code 27-7-2-2
(3) Prepare and distribute rate data, adjusted for loss development and loss trending, in accordance with its statistical plan. Such data and adjustments shall be in sufficient detail so as to permit companies to modify such rates or minimum premiums based on their own rating methods or interpretations of underlying data.
(4) Prepare and distribute manuals of rating rules and rating schedules.
(5) Distribute information that is filed with the commissioner and open to public inspection.
(6) Conduct research and collect statistics in order to discover, identify, and classify information relating to cause or prevention of losses.
(7) Prepare and file policy forms and endorsements and consult with members, subscribers, and others relative to their use and application.
(8) Collect, compile, and distribute past and current prices of individual companies if such information is made available to the general public.
(9) Conduct research and collect information to determine the impact of benefit level changes on rates.
(10) Prepare and distribute rules and rating values for the experience rating plan. Calculate and disseminate individual risk premium modification.
(11) Assist an individual company to develop minimum premiums, rates, supplementary rate information, or supporting information when so authorized by the individual company.
As added by P.L.249-1989, SEC.4.