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This entry was published on 2014-09-22
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SECTION 2347
Workers' compensation rate changes
Insurance (ISC) CHAPTER 28, ARTICLE 23
§ 2347. Workers' compensation rate changes. (a) Any rate change
affecting the general rate level for the kind of insurance authorized by
paragraph fifteen of subsection (a) of section one thousand one hundred
thirteen of this chapter and pursuant to the provisions of section two
thousand three hundred two of this article shall be approved by the
department no later than the fifteenth day of July for the year in which
the rate change is to take effect, provided that (1) the filing is
submitted on or after the fifteenth day of April and before the
fifteenth day of July of that same year, and (2) any such rate change
shall not take effect until on or after October first of that same year.

(b) In all cases other than those described in subsection (a) of this
section, rate filings shall be approved by the department not less than
seventy-five days before the effective date of such rates filed.

(c) Every insurer shall notify any insured affected by a rate change
subject to this section affecting the general rate level made by it of
that change at least thirty days prior to the date of any billing for
such rate change made by the insurer. Such notice shall include an
estimate of the increase as well as an explanation of the nature of the
increase, and cost factors associated with said increase.

(d) Premiums based upon a rate change subject to this section
affecting the general rate level shall be payable by an insured on an
installment basis of not less than two payments per policy period,
should the insured so choose, for any policy with a premium in excess of
one thousand dollars.

(e) The department shall make available to the public a list of rate
changes subject to this section affecting the general rate level by
industry classification within fifteen days from the date the department
approves any rate changes.