93-14: WC Rate Filings-- Electronic Readable Format
* This bulletin was repealed by 08-05
To: All Insurers Writing Workers Compensation Insurance
From: Jay Angoff, Director
Re: Workers' Compensation Rate Filings-- Electronic Readable Format
Date: December 31, 1993
In accordance with Sections 17- 35 of Senate Bill 251 (Laws 1993), the workers' compensation insurance rating system is deregulated, effective January 1, 1994.
The result of this legislative change is that, in a competitive market, the department no longer has prior approval authority over workers' compensation voluntary market rates. Nevertheless, Section 24 of Senate Bill 251 requires insurers to file rates and supplementary rate information not later than 30 days after their effective date.
To facilitate this regulatory change and provide insurers with guidelines for making individual rate filings, the department has promulgated PROPOSED RULE 20 CSR 500-6.950 -- Workers' Compensation Rate and Supplementary Rate Information Filings. This rule has also been filed as an EMERGENCY RULE, effective January 1, 1994.
Section (4)(D) states, ". . . Insurers shall file these rates using an electronically readable format. The director will outline the format for making the filings." This bulletin, including the attached, outlines the format specifications for filing rates on electronically readable media.
All filings made effective January 1, 1994, and thereafter, must include the final rates in a traditional paper format (rate pages) and those same rates filed on electronically readable media as specified by the attached.
If you have any questions, please contact Jim Latteman in the Information Systems Section at (314) 751-1952.