304.13-410 Premium reduction for deductible workers' compensation policy.
(1)
(2)
(3)
An employer policyholder who selects a deductible workers' compensation policy
shall be granted a premium reduction by the insurer. The premium reduction shall
be calculated by the insurer in accordance with administrative regulations
promulgated by the commissioner and shall be fully disclosed to the employer
policyholder in writing.
For ratemaking purposes, the premium reduction granted to an employer
policyholder in accordance with the provisions of subsection (1) of this section shall
be applied and considered prior to the application of experience modification
adjustments, premium surcharges, or premium discounts.
In addition to the provisions contained in subsection (2) of this section, only the net
experience of an employer policyholder, which results after application of the
deductible amount, rather than the gross experience of the employer policyholder,
shall be used by the insurer or advisory organization in the calculation and
preparation of workers' compensation rates. Violation of the provisions of this
subsection shall constitute grounds for the suspension or revocation of the license of
an insurer or advisory organization in the manner prescribed in KRS Chapter
304.13-320.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1146, effective July 15, 2010. -- Created
1992 Ky. Acts ch. 446, sec. 2, effective July 14, 1992.
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