(1) Carriers and State Insurance Fund – For employers securing workers’ compensation coverage via a policy issued either by an authorized carrier or the State Insurance Fund, standard premium shall mean the full annual value of premiums for each policy written or renewed during a specific reporting period as determined on forms prescribed by the chair.

(2) Private and public self-insured employers – Standard written premium for self-insured employers shall be determined by applying payroll by classification codes to applicable loss cost rates. Loss cost rates for self-insured employers shall be furnished by the chair based, in whole or in part at the discretion of the chair, upon comparable rates applicable to carrier policies which may be adjusted for administrative expenses. To the extent there are no corresponding class codes for one or more classifications of payroll, the chair shall establish an equivalent rate.