Current through Register Vol. XLI, No. 40, October 4, 2024
Section 85-3-4 - Premiums and Rates4.1. Exposure base. Premium taxes shall be based on the total gross wages paid or payable to employees covered by the Act.4.2. Determinations. The board of managers shall have the authority to make the following determination or determinations regarding employers' excess liability coverage at any time and from time to time in accordance with the procedures set out in subsection 4.3 of this rule.a. Classify into classes the employers who desire to subscribe for employers' excess liability coverage.b. Restructure classes and create or eliminate classes. The board of managers may establish additional classifications on the basis of the number of employees, size of payroll, type of operations, claims experience or any combination of the aforementioned, or on any other basis which the board of managers deems appropriate.c. Prepare a premium tax rate schedule based on an actuarially sound model, which shall specify the base rate for each classification.d. Adjust the premium tax rate schedule in whole or in part.e. Determine the expected loss ratios.f. Determine the method for limiting losses.g. Determine such other matters as the board of managers deems appropriate in the exercise of its ratemaking authority.4.3. Procedures for determinations. Determinations made by the board of managers under the provisions of subsection 4.2. shall be made in the following manner. a. The board of managers shall make any determination or determinations at a public meeting or meetings held in accordance with the provisions of 85 C.S.R. 14. "Procedural Rules for the Workers' Compensation Board of Managers."b. Such determinations shall be filed with the office of the secretary of state for publication in the state register pursuant to the provisions of W.Va. Code § 29A-2-1 et seq.c. Such determinations shall be filed with the office of the secretary of state at least thirty (30) days prior to the first day of the quarter in which the determination or determinations become effective.4.4. Notification. The commission shall notify every employer whose employers' excess liability coverage is affected under the provisions of section four (§ 85-3-4) of this rule. The commission shall provide notice to each affected employer at least thirty (30) days prior to the period for which the rate change is applicable. a. Interim rate adjustments. The commission may make interim rate adjustments as necessary to reflect the experience of the employer for each claim or suit filed with the Fund or classification of the employer subscribing to employers' excess liability coverage.