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Details of Tracking Number  2013-00647


CCR details

Tracking Number 2013-00647
Type of Filing Permanent Rule
Department 700 Department of Regulatory Agencies
Agency 702 Division of Insurance
CCR Number 3 CCR 702-5
CCR Title PROPERTY AND CASUALTY

Proposed rule

Rule ProposedRuleAttach2013-00647.DOC
Statutory Authority 8-44-111 and 10-1-109
Description of Subjects/Issues 5-3-5 WORKERS' COMPENSATION DEDUCTIBLE REIMBURSEMENT
Purpose/Objective of Rule Pursuant to § 8-44-111(3), C.R.S., Colorado is a net reporting state for workers’ compensation insurance. This means that an employer’s deductible up to the maximum of $10,000 is subtracted from the amount of the loss per claim for the purpose of calculating the employer’s experience modification factor. Many employers have not received the intended benefit of the $10,000 exclusion. Due to reporting requirements, insurers reported the full loss to the statistical agent because they had not actually received the deductible reimbursement from the employer. Frequently, insurers fail to correct their unit statistical reports to show the paid deductible amount, thereby depriving the employer of the benefit of the deduction. This rule eliminates the requirement of actual receipt of the deductible by insurers prior to reporting such deductible to the statistical agent for the purpose of calculating the experience modification factor.
Comments Mike Conway
Submitted in response to issues raised by COLS/OLLS? No
Is this rule adopted in response to recent legislation?
Hearing Date 08/02/2013
Hearing Time 01:00 PM
Hearing Location 1560 Broadway, Ste 850, Denver CO 80202
Contact name Christine Gonzales-Ferrer
Contact title Rulemaking Coordinator
Contact telephone 303-894-2157
Contact email christine.gonzales-ferrer@state.co.us.

Adopted rule

Adopted Rules AdoptedRules02013-00647.DOC
Redline Redline2013-00647.DOC
Adopted Date 08/09/2013
Attorney General Opinion 08/28/2013
Effective Date 10/01/2013
Inserted into CCR 09/27/2013