Sec. 28.1. (a) The assigned risk plan is established.

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Terms Used In Indiana Code 27-7-2-28.1

  • Assigned risk plan: means the plan by which members of the worker's compensation rating bureau provide for the insurance of rejected risks. See Indiana Code 27-7-2-2
  • 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
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Statute: A law passed by a legislature.
     (b) The bureau shall administer the assigned risk plan with the commissioner‘s approval.

     (c) All companies authorized to write worker’s compensation insurance shall participate in the assigned risk plan providing for the equitable apportionment among them of insurance that may be afforded to applicants who are in good faith entitled to but who are unable to procure such insurance through ordinary methods. The bureau shall file, at least thirty (30) days before their effective date, the plan of operation, rates, rating plans, rules, policy forms, and any future modifications thereof, with the commissioner for approval. Such rates shall reflect experience in the assigned risk plan to the extent it is actuarially appropriate. The rates must reflect the varied categories of rejected risks covered by the assigned risk plan and must include at least two (2) rating plans, one (1) of which may not exceed the recommended minimum premiums and rates filed by the bureau under section 4 of this chapter.

     (d) The commissioner shall disapprove any filing that does not meet the requirements of section 20.1 of this chapter. A filing shall be deemed to meet such requirements unless disapproved by the commissioner within thirty (30) days after the filing is made. In disapproving a filing made under this section, the commissioner shall have the same authority and follow the same procedure as in disapproving a filing under section 20.3 of this chapter.

     (e) The assigned risk plan may be substantially modified or eliminated only as the general assembly provides by statute.

As added by P.L.249-1989, SEC.14. Amended by P.L.204-2018, SEC.16.

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