Bulletin 2009-18 Workers Compensation Loss Cost and LCM Filing w forms attached

FROM· South Carolina Department of Insurance BULLETIN NUN1BER 18 H. Director SUBJECT: Workers' Compensation Loss Cost and Filing/ Adoption Procedures Withdrawal of Bulletin 2008-1 0 Cost Multiplier DATE: September 2009 I. PURPOSE AND SCOPE The National Council on Compensation Insurance (:-!CCI) is the insurance rating organization in South Carolina. As such, they file \Vith the South Carolina Department of Insurance (Department) bulletin: tor insurer 2. 4. I to MARK SANFORD Governor SCOTT H. RICHARI>SON Director Insurance most II. PROCEDURE FOR ADOPTING NE\V LOSS COSTS (FORM 2009-A) produce rates be required to Department. reVJe\V Insurers submitting Fonn 2009-A to adopt the most recently approved loss cost must also submit Form 2004. Property and Casualty · Summary, so this notice be logged ''For Informational Only" purposes. In addition, Form 2009-B, Insurer Certification, is required to be submitted as set forth in Section IV below. III. PROCEDURE FOR FILING NE\V LOSS COST MULTIPLIERS (FORl\1 2007-A) South Carolina law requires insurers to file for approval of any made to the cost multiplier. S.C. Code Ann. §38-73-525. Bulletin 2007-13B requires changes to the loss cost multiplier be made on Fonn 2007-A at least 30 days prior to implementation. In accordance vvith South Carolina law, a copy of this form must also be submitted to the Consumer Advocate. Loss cost multiplier adjustments \vill remain in effect until the insurer ~withdraws them or files and receives approval of a · LCM. Bulletins 2007 and 13B describe in detail the infonnation required for submission of loss cost multiplier · bulletins may be · the Department's at IV. INSURER CERTIFICATION (FORM 2009-B) are not courses or the appropriate training. ensure quality, the Department is requiring the certification in Insurer Certification. be included with all filings compensation rates. This requirement is effective immediately. Training material Is !able from NCCI. V. PROCEDURAL REQUIREMENTS RELATING TO FILINGS Presented belO\\ are procedures to follow. scenarios designed to address questions about the appropriate If... The insurer decides to usc a revision of the prospective loss costs and effective date as filed and approved ... The msurer decides to use the prospective loss costs as approved but with a different effective date ... Then ... The insurer must submit Form Form 2009-B and Form The insurer must submit Form Form 2009-B, and Form VI. \\TfHDRA \\"AL OF BULLETI::\' 2008-10 This bulletin supersedes and replaces Bulletin 2008-10. Bulletin 2008-10 1s herebv withdrav.:n. VII. QUESTIONS Questions this bulletin should be submitted m writing to Carla Griffin at cgriffin@]doi.sc.gov. mform:.~t1on 1s needed. communicates wtth persons and of South Carolina msurance laws ach 1cc. Readers should advtcc or addltwnal INSURER IC SOUTH CAROLINA DEPARTl\1ENT OF INSURA:\CE INSURER LOSS COST MULTIPLIER FILING AND/OR LOSS COST ADOPTION NOTIFICATION E PERSON RESPONSIBLE FOR FILING TITLE TELEPHONE LINE BUSINESS RATING ORGANIZATION NCCI TYPE OF SUBMISSION: LOSS COST ADOPTION NOTIFICATION LOSS COST MULTIPLIER FILING BOTH EFFECTIVE DATE OF LOSS COST BEING USED LOSS COST NCCI REF FILING 'CIRCULAR DATE OF LCM FILING APPROVED PRIOR LCM FILING STATE TRACKING FORM 2009-A Form 2009-B Insurer Certification that on on the of premmm and that data contained in this filing has been prepared and submitted NCCI guidelines and applicable provisions of South Carolma lmv. Signature of Company Officer Date Otlicer's (print or type) (print or type) (10\ Expense Compcnents '! South Carolina Department of Insurance Loss Cost Multiplier Worksheet Workers' Compensation -Direct Voluntary Only f I I I In-Force FORM 2007-A J j I Proposed %Change j ! I . 1