Adjust Experience Modification Factor in Workers' Compensation

Summary

The bill adds a new rule that insurance carriers must notify rating agencies to revise an employer’s experience modification factor (EMF) when a claim is closed and the actual payout differs from the amount originally reported. Employers or their licensed producers can trigger the adjustment only if the corrected amount would lower the EMF by at least .05 or bring it to 1.0 or below. The change must be made within 30 days and reflected in the employer’s premium for the current policy period.

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