Subject 120-2-37 GEORGIA WORKER'S COMPENSATION INSURANCE RATE FILINGS
The purpose of this Regulation is to require individual rate filings for the voluntary market by workers' compensation insurers, thus establishing competitive rates for purchasers of workers' compensation insurance in the State of Georgia.
This Regulation shall apply to all insurers authorized to transact workers' compensation insurance in the State of Georgia.
|(1)||"Authorized rating organization" means a rating organization licensed in accordance with O.C.G.A. Chapter 33-9.|
|(2)||"Authorized statistical agent" means the statistical agent authorized in Rule 120-2-36-.05 of the Rules and Regulations of the Georgia Insurance Department.|
|(3)||"Commissioner" means the Commissioner of Insurance of the State of Georgia.|
|(4)||"Department" means the Georgia Insurance Department.|
|(1)||After the effective date of this Regulation and except as otherwise otherwise in Rule 120-2-36-.08 of the Rules and Regulations of the Department, every insurer desiring to revise the premium rates it charges for workers' compensation insurance coverage in this State shall file such insurer's own individual rate filing with the Commissioner. Such insurer shall simultaneously file a copy of such filing with the authorized rating organization of which the insurer is a member or subscriber.|
|(2)||Premium rate for each individual rate filing shall be developed and established based upon each individual insurer's experience in the State of Georgia to the extent such experience is actuarially credible. Where the experience of an insurer is less than fully credible, such experience may be credibility-weighted against the latest corresponding experience as filed with the Department by an authorized rating organization. The Commissioner may make the determination as to the credibility of the material contained in such a filing or filings.|
|(3)||With each individual rate filing, the individual insurer shall include the loss ratios, reserves, reserve development information, expenses including commissions paid and dividends paid, investment income, pure premium data adjusted for loss development and loss trending, profits and all other data and information used by that insurer for formulating its workers' compensation premium rates contained in the individual rate filing.|
The Classification Plan, including codes of an authorized rating organization which is the current and latest Classification Plan on file with the Commissioner, shall be followed by all insurers when transacting workers' compensation insurance in the State of Georgia.
An individual insurer may adopt, by reference, in its own individual rate filing, Experience Rating Plans, Retrospective Rating Plans, Rating Factors and Premium Discount Plans filed with the Commissioner by an authorized rating organization.
If any provision of this Regulation, or the application thereof to any person or circumstance, is held invalid by a court of competent jurisdiction, the remainder of the Regulation or the applicability of such provision to other persons or circumstances shall not be affected.
This Regulation shall become effective January 1, 1984.