Okla. Stat. tit. 36, § 36-901.5
This is the official text of Okla. Stat. tit. 36, § 36-901.5, part of Oklahoma’s Stat. tit. 36, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 36,." Browse the sections below, each linked to its official government source.
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Filing of advisory prospective loss costs and supporting
Official statutory text
actuarial data and statistical data for workers' compensation
insurance.
A. Rating organizations shall develop and file for approval
with the Insurance Commissioner in accordance with the provisions of
this section, a filing containing advisory prospective loss costs
and supporting actuarial and statistical data for workers'
compensation insurance. Each insurer shall individually file their
own specific profit and expense factors used to determine the final
rates it will file for approval and the effective date of any rate
changes.
B. As used in this section:
1. "Expenses" means that portion of a rate attributable to
acquisition, field supervision, collection expenses, general
expenses, taxes, licenses and fees;
2. "Rate" means the cost of insurance per exposure unit,
whether expressed as a single number or as a prospective loss cost
with an adjustment to account for the treatment of expenses, profit
and variations in loss experience, prior to any application of
individual risk variations based on loss or expense considerations,
and does not include minimum premiums; and
3. "Prospective loss costs" means that portion of a rate that
does not include provision for expenses (other than loss adjustment
expenses) or profit, and is based on historical aggregate losses and
loss adjustment expenses adjusted through development to its
Oklahoma Statutes - Title 36. Insurance Page 200
ultimate value and projected through trending to a future point in
time.
insurance.
A. Rating organizations shall develop and file for approval
with the Insurance Commissioner in accordance with the provisions of
this section, a filing containing advisory prospective loss costs
and supporting actuarial and statistical data for workers'
compensation insurance. Each insurer shall individually file their
own specific profit and expense factors used to determine the final
rates it will file for approval and the effective date of any rate
changes.
B. As used in this section:
1. "Expenses" means that portion of a rate attributable to
acquisition, field supervision, collection expenses, general
expenses, taxes, licenses and fees;
2. "Rate" means the cost of insurance per exposure unit,
whether expressed as a single number or as a prospective loss cost
with an adjustment to account for the treatment of expenses, profit
and variations in loss experience, prior to any application of
individual risk variations based on loss or expense considerations,
and does not include minimum premiums; and
3. "Prospective loss costs" means that portion of a rate that
does not include provision for expenses (other than loss adjustment
expenses) or profit, and is based on historical aggregate losses and
loss adjustment expenses adjusted through development to its
Oklahoma Statutes - Title 36. Insurance Page 200
ultimate value and projected through trending to a future point in
time.
Status: in_force · Read it on the official government site
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