The Commission may by rule exempt any person, class of persons, or market segment from any or all of the provisions of this chapter to the extent that it finds their application unnecessary to achieve the purposes of this chapter. Retrospective rating plans and large deductible plans for use in writing workers’ compensation insurance for large risks shall be exempt from the filing requirements of Chapter 19 (§ 38.2-1900 et seq.). For purposes of this section, large risks are risks which generate total estimated standard premium for workers’ compensation insurance of at least $250,000 annually (or less or in combination with other lines if approved by the Commission). Large deductible plans shall be defined for the purposes of this section as workers’ compensation rating plans that include a per claim deductible of at least $100,000. Workers’ compensation insurance for large risks may be retrospectively rated, or rated under a large deductible rating plan, as mutually agreed upon by the insurer and the insured in writing. A copy of any large risk retrospective rating plan and large deductible plan shall be made available to the Commission upon request. Notwithstanding these exemptions for retrospective rating plans and large deductible plans for large risks, insurers’ experience attributable to large risks shall be filed with the Commission in accordance with § 38.2-1919.

Terms Used In Virginia Code 38.2-1903

  • Commission: means the State Corporation Commission. See Virginia Code 38.2-100
  • in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Chapter 42. See Virginia Code 1-257
  • Insurer: means an insurance company. See Virginia Code 38.2-100
  • Market segment: means any line or class of insurance or, if it is described in general terms, any subdivision of insurance or any class of risks or combination of classes. See Virginia Code 38.2-1901
  • Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
  • Retrospective rating plan: means a rating plan that adjusts the premium for the insurance to which it applies on the basis of losses incurred during the period covered by that insurance. See Virginia Code 38.2-1901

1973, c. 504, § 38.1-279.32; 1986, c. 562; 1997, c. 153; 1999, c. 491.

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