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Ohio Administrative Code (Last Updated: January 12, 2021) |
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4123 Bureau of Workers' Compensation |
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Chapter4123-17. General Rating for the State Insurance Fund |
4123-17-41. Retrospective rating definitions applicable to any employer
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Rules 4123-17-41 to 4123-17-54 of the Administrative Code apply to individual employer retrospective rating. As used in rules 4123-17-41 to 4123-17-54 of the Administrative Code:
(A) "Minimum premium" means the fixed cost chargeable to an employer, independent of the claims costs of the employer during the year of experience.
(B) "Maximum premium" means the employer's experience-rated premium multiplied by the maximum premium percentage selected by the employer.
(C) "Per claim limit" means the maximum chargeable costs for each claim incurred during the retrospective-rated period, as selected by the employer.
(D) "Retrospective policy year" or "policy year" means the fiscal year beginning July first for private employers and the calendar year beginning January first for public employer taxing districts.
(E) "Evaluation period" means the ten-year period beginning with the first day of the policy year. Annual evaluations will occur throughout the evaluation period. At the end of the evaluation period, final settlement will be made.
(F) "Final settlement" means the final determination of premium for a policy year including any remaining reserves for claims occurring in the policy year. This determination will occur at the end of the evaluation period and will terminate the plan for that policy year.
(G) "Annual evaluation" means a statement of claim costs and premium. This information will be shown on the "Retrospective Rating Policy Year Statement."
(H) "Incurred losses" are compensation payments, medical payments, and reserves. Reserves will be assigned at the end of the evaluation period.
(I) "Retrospective premium" means the compilation of minimum premium, all medical costs, indemnity, and any remaining reserves at the end of the ten year liability.