Montana Code 33-16-1026. Rate filings
33-16-1026. Rate filings. (1) A workers’ compensation advisory organization shall file with the commissioner:
Terms Used In Montana Code 33-16-1026
- Advisory organization: means a person or organization that either has two or more member insurers or is controlled either directly or indirectly by two or more insurers and that assists insurers in ratemaking-related activities. See Montana Code 33-16-1008
- Contract: A legal written agreement that becomes binding when signed.
- Experience rating: means a rating procedure using 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 Montana Code 33-16-1008
- Insurer: means a person licensed to write workers' compensation insurance as a plan No. See Montana Code 33-16-1008
- Prospective loss costs: means historical aggregate losses and loss adjustment expenses, including all assessments that are loss-based and excluding any separately stated policyholder surcharges, projected through development to their ultimate value and through trending to a future point in time and ascertained by accepted actuarial standards. See Montana Code 33-16-1008
- rates: means rate of premium, policy and membership fee, or any other charge made by an insurer for or in connection with a contract or policy of workers' compensation and employer's liability insurance, prior to application of individual risk variations based on loss or expense considerations. See Montana Code 33-16-1008
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Supplementary rate information: means a manual or plan of rates, statistical plan, classification system, minimum premium, policy fee, rating rule, rate-related underwriting rule, and any other information needed to determine the applicable premium for an individual insured that is consistent with the purposes of this part and with rules prescribed by rule of the commissioner. See Montana Code 33-16-1008
- Supporting information: means the experience and judgment of the filer and the experience or data of other insurers or advisory 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 Montana Code 33-16-1008
(a)workers’ compensation rates and rating plans that are limited to prospective loss costs;
(b)each workers’ compensation policy form to be used by its members or subscribers;
(c)the uniform classification plan and rules of the advisory organization;
(d)the uniform experience rating plan and rules of the advisory organization; and
(e)any other information that the commissioner requests and is entitled to receive under this part.
(2)Each insurer shall file with the commissioner all rates, supplementary rate information, and any changes and amendments made by it for use in this state as required by the commissioner under 33-16-1027(2).
(3)An insurer may establish rates and supplementary rate information based upon the factors in 33-16-1021. An insurer may adopt by reference, with or without deviation, the prospective loss costs filed by the advisory organization designated under 33-16-1023 or the rates and supplementary rate information filed by another insurer.
(4)An insurer may not make or issue a contract or policy of insurance under this part, except in accordance with the filings that are in effect for the insurer as provided in this part.
(5)In addition to other prohibitions in this part, an advisory organization may not file rates, supplementary rate information, or supporting information on behalf of an insurer.
(6)If each rate in a schedule of workers’ compensation rates for specific classifications of risks filed by an insurer is not lower than the prospective loss costs contained in the schedule of workers’ compensation rates for those classifications filed by the designated advisory organization under subsection (1), the schedule of rates filed by the insurer is not subject to 33-16-1027(1) but becomes effective upon filing.