The Commission may by rule exempt any person, class of persons, or market segment from any or all of the provisions of this chapter to the extent that it finds their application unnecessary to achieve the purposes of this chapter. Retrospective rating plans and large deductible plans for use in writing workers' compensation insurance for large risks shall be exempt from the filing requirements of Chapter 19 (§ 38.2-1900 et seq.). For purposes of this section, large risks are risks which generate total estimated standard premium for workers' compensation insurance of at least $250,000 annually (or less or in combination with other lines if approved by the Commission). Large deductible plans shall be defined for the purposes of this section as workers' compensation rating plans that include a per claim deductible of at least $100,000. Workers' compensation insurance for large risks may be retrospectively rated, or rated under a large deductible rating plan, as mutually agreed upon by the insurer and the insured in writing. A copy of any large risk retrospective rating plan and large deductible plan shall be made available to the Commission upon request. Notwithstanding these exemptions for retrospective rating plans and large deductible plans for large risks, insurers' experience attributable to large risks shall be filed with the Commission in accordance with § 38.2-1919.
1973, c. 504, § 38.1-279.32; 1986, c. 562; 1997, c. 153; 1999, c. 491.
Structure Code of Virginia
Chapter 19 - Regulation of Rates Generally
§ 38.2-1900. Purposes of chapter
§ 38.2-1903.1. Exemptions of large commercial risks
§ 38.2-1905. Motor vehicle insurer not to charge points or increase premiums in certain instances
§ 38.2-1906. Filing and use of rates
§ 38.2-1906.1. Misquote of premium
§ 38.2-1907. Filings open to inspection
§ 38.2-1908. Rate making and delegation of filing obligation
§ 38.2-1909. Review of rates by Commission
§ 38.2-1910. Disapproval of rates
§ 38.2-1911. Special restrictions on individual insurers
§ 38.2-1912. Delayed effect of rates; certification of reinsurance with affiliated company
§ 38.2-1913. Operation and control of rate service organizations
§ 38.2-1914. Licensing of rate service organizations
§ 38.2-1915. Joint underwriting or joint reinsurance organizations
§ 38.2-1916. Certain conduct by insurers and rate service organizations prohibited
§ 38.2-1916.2. Penalties; injunctive relief; restitution
§ 38.2-1917. Injunctive relief
§ 38.2-1918. Agreements for equitable apportionment of insurance
§ 38.2-1919.1. Interchange of rating data and information
§ 38.2-1920. Excess rate for a specific risk
§ 38.2-1921. Combination policies
§ 38.2-1921.1. Professional employer organization workers' compensation rating
§ 38.2-1922. No rule prohibiting or regulating payment of dividends, etc., to be adopted
§ 38.2-1923. Person aggrieved by application of rating system to be heard; appeal to Commission
§ 38.2-1927. Withholding information; giving false or misleading information