| Notice Filed with SOS |
09/30/2013 |
| 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 |