HB 1381 - Workers' Compensation Ratemaking

• Requires insurers writing workers' compensation and employer's liability insurance to independently and individually file their proposed final rates with the office, eliminating prior grouped filing requirements.

• Removes workers' compensation and employer's liability insurance from the annual base rate filing exception, making these lines subject to the same annual filing requirements as other property and casualty insurance.

• Adds "prospective loss costs" and "loss costs" to rate standards requiring that rates not be excessive, inadequate, or unfairly discriminatory.

• Eliminates a specified cash-flow methodology that the office could utilize in rate determinations and authorizes insurers to use supplementary rating information approved by the office.

• Effective date is July 1, 2019.