Indiana Code 27-7-2-33. Designated insurer carrying rejected risk; additional inspection; renewal rates
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Terms Used In Indiana Code 27-7-2-33
- Bureau: means the worker's compensation rating bureau of Indiana. 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
- 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
Sec. 33. At any time while a policy, written pursuant to designation by the bureau, is in force, the carrying company, upon its own initiative, may make a further careful inspection of the risk for the purpose of measuring its hazards, making recommendation for the promotion of the safety of employees and determining the rate or rates which should apply to insurance issued in renewal of such policy. Rates for the renewal of any policy issued pursuant to this chapter shall take into account the available experience of the risk for the previous five (5) years, and such rates shall be made in contemplation of the facts disclosed by the most recent inspection of the risk by the rating bureau as provided in this chapter, subject to the approval of the department.
Formerly: Acts 1935, c.323, s.33. As amended by P.L.252-1985, SEC.241.