SB26-175 Adjust Experience Modification Factor in Workers' Compensation

The act creates a process for employers and licensed insurance producers to update an employer's experience modification factor when:An open claim is reported by an insurance carrier to the rating bureau with a higher open claim amount than the amount after the claim was closed; andThe lower claim amount would reduce an employer's experience modification factor at least .05 compared to the previously released experience modification factor or from above 1.0 to 1.0 or below.     The employer must notify the insurance carrier between the time the claim is reported to a rating bureau and 31 days after the employer's rating effective date. The insurance carrier is required to credit the employer for a premium change resulting from the revised experience modification factor.(Note: This summary applies to this bill as enacted.)