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Details of Tracking Number  2013-01055


CCR details

Tracking Number 2013-01055
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 ProposedRuleAttach2013-01055.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 split point 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 deductible 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 Chris Maciejewski
Submitted in response to issues raised by COLS/OLLS? No
Is this rule adopted in response to recent legislation?
Hearing Date 11/01/2013
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 AdoptedRules02013-01055.DOC
Redline Redline2013-01055.DOC
Adopted Date 11/08/2013
Attorney General Opinion 11/21/2013
Effective Date 01/01/2014
Inserted into CCR 12/26/2013