§ 902.3. Calculation of workers' compensation premiums--Equalization of expected losses and...
Oklahoma Statutes AnnotatedTitle 36. Insurance
36 Okl.St.Ann. § 902.3
§ 902.3. Calculation of workers' compensation premiums--Equalization of expected losses and expenses between high and low wage-paying employers--Agency rule report
A. Workers' compensation premiums shall be calculated on a basis that, as nearly as is practicable, after the effects of experience rating and other applicable rating plans have been considered, the sum of expected losses and expected expenses as a percentage of premium shall be the same for high- and low-wage-paying employers in the same job classification.
5. Adopt rules by January 1, 1996, to become effective on July 1, 1996, unless disapproved by the Legislature, to equalize, as nearly as is practicable, expected losses and expenses as a percentage of workers' compensation premiums for high- and low-wage-paying employers in the same job classification. If the effect is found to be primarily seen in certain types of job classifications, the rules shall be adopted to apply only to such types of job classifications. The adopted rules shall be subject to legislative review and shall be promulgated as permanent rules pursuant to the Administrative Procedures Act.1 The agency rule report required by the Administrative Procedures Act shall include a rule impact statement together with an actuarial analysis of the proposed rule describing in detail the classes of persons who most likely will be affected by the proposed rules; the classes of persons who will benefit from the adopted rules; and the probable economic impact of the proposed rules upon the affected classes of persons. The actuarial analysis shall be prepared by an independent actuary who is a member of the Casualty Actuarial Society or the American Academy of Actuaries who is qualified as described in the U.S. Qualifications Standards promulgated by the American Academy of Actuaries pursuant to the Code of Professional Conduct to perform such actuarial analysis selected by the Insurance Commissioner. The rules shall not be invalidated on the ground that the contents of the rule impact statement or the actuarial analysis are insufficient or inaccurate.
Credits
Laws 1994, 2nd Ex.Sess., c. 1, § 3, emerg. eff. Nov. 4, 1994; Laws 2006, c. 264, § 16, eff. July 1, 2006; Laws 2013, c. 254, § 15, eff. Jan. 1, 2015.
Footnotes
Title 75, § 250 et seq.
36 Okl. St. Ann. § 902.3, OK ST T. 36 § 902.3
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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