Section 412:28 Filing and Approval of Rates and Rating Plans.
I. Every insurer, that insures employers against liability for compensation under the workers' compensation law, RSA 281-A, shall file with the insurance commissioner individually or in collaboration with others, in such form as the commissioner may prescribe every manual, minimum premium, class rate, rating schedule, or rating plan and every other rating rule, and every modification of any of the foregoing that it proposes to use; provided, that none of the above shall take effect until the commissioner shall have approved the same as adequate, not excessive, and not unfairly discriminatory.
II. An insurer shall file its rates by filing a multiplier, and, if applicable, other modifications to the prospective loss costs and rating plan filed by the National Council on Compensation Insurance or other authorized advisory organization on behalf of the insurer as permitted by RSA 412:23.
III. At the same time as a filing made pursuant to paragraphs I and II, every insurer shall file, or incorporate by reference any material that has been filed with and approved by the commissioner, all supplementary statistical and supporting information to be used as justification for this filing.
IV. The commissioner may evaluate systems of administered pricing versus competitive rating and the costs and benefits of applying such systems to regulating the classification of risks and premium rates for workers' compensation insurance in New Hampshire. The commissioner may provide an evaluation to the workers' compensation advisory council established by RSA 281-A:62.
Source. 2003, 150:1. 2005, 248:12, eff. Sept. 12, 2005.