HF372 Summary

• Amends Minnesota Statutes section 79.61 to modify required activities of workers' compensation data service organizations, including clarifying that ratemaking reports must include losses developed to ultimate value, trended losses, and loss adjustment expenses.

• Requires data service organization reports to include explicit discussion and explanation of methodology, alternatives examined, assumptions adopted, areas of judgment, and effects of various combinations of these elements on rate level change indications.

• Prohibits data service organizations from including loadings for expenses or profit in pure premium relativities and rate level indications, and from collecting or reporting expense or profit data other than loss adjustment expenses.

• Authorizes the commissioner to use expedited rulemaking procedures to amend Minnesota Rules chapter 2705 as necessary to permit data service organizations to collect loss adjustment expense data and consider losses developed to ultimate value, trended losses, and loss adjustment expenses in ratemaking reports.