Current through Register Vol. XLI, No. 50, December 13, 2024
Section 85-24-7 - Assignment of Credit Factors7.1. Each new qualified loss management service provider approved to offer a loss management program under the provisions of this rule shall be assigned a credit factor upon notice of approval or acceptance of proposal. 7.1.1. Loss management service providers approved or accepted under this rule shall be assigned an initial credit factor of .10 (10%).7.1.2. Subsequent credit factors shall be assigned to loss management service providers based upon the aggregate performance of their client employers in accordance with the scale developed under the provisions of subsection 7.2.7.2. Upon accumulation of sufficient program experience, as determined by the board of managers, the credit factor assigned to the loss management service provider shall be based upon the percentage of the aggregate reduction in loss costs for all of the loss management service provider's client employers or any industrial groupings determined to be appropriate by the board of managers. 7.2.1. The scale for determining credit factors shall be developed in the following manner: a. The board of managers shall make the determination at a public meeting or meetings held in accordance with the provisions of 85 C.S.R. 14, "Procedural Rules for the Board of Managers."b. Such a determination 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 a determination shall be filed with the office of the secretary of state at least thirty (30) days prior to the first day the determination becomes effective.7.2.2. Loss costs for client employers who do not complete one year of the programs shall not be utilized in the ratio calculation.7.3. The assigned credit factor shall be effective until the next July 1 after assignment. The credit factor shall be recalculated for every year thereafter in the fashion provided for in this section. The recalculated credit factor shall be effective during the fiscal year for which it is calculated.