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Workshop to Address Workers’ Comp Excess Profits Rule

Workshop to Address Workers’ Comp Excess Profits Rule

The Office of Insurance Regulation has announced a workshop for November 17, 2010, to discuss proposed changes to administrative rule 69O-189.007 relating to to workers’ compensation excess profits reporting.  The notable changes are not to the administrative rule itself, but to the OIR-B1-15 reporting form it incorporates by reference.  Revised instructions to the reporting form would discuss the net cost of reinsurance as well as the treatment of other expenses.

A rule workshop is the first step in the administrative process of adopting a new or revised rule.  The agency will consider comments raised at the workshop as it considers the content of a rule that it formally proposes.  Upon formally proposing a rule, the agency will hold a public hearing and interested parties likewise have opportunities to file administrative challenges if so desired.