The Indiana Compensation Rating Bureau (ICRB) is a statutory rating organization. It is a private non-profit, unincorporated association of all insurance companies licensed to write workers compensation insurance in Indiana.

The law empowers the ICRB to gather information from its member companies that may be necessary to establish fair and adequate advisory rates. In addition to the data collection and ratemaking functions, the ICRB is responsible for various workers compensation programs: rules promulgation, experience rating, inspection and classification, assigned risk administration, industry education, and dispute resolution.

Hot Topics
News and other interesting stuff.

1. Payroll Rule Change (01/11/12)
The advisory fixed payroll amount for sole proprietors, partners, and LLC members is eliminated effective 01/01/2012 for new and renewal policies. These business owners who elect to be covered will be treated the same as an executive officer for premium determination purposes and are subject to the same advisory maximum and minimum payroll limitations listed on the Miscellaneous Values Pages. For more information, please refer to Circular 2011-07. Also, the PIA and Big I magazines both featured articles (click here) on this topic in December 2011.

2. Assigned Risk LSRP Filing (12/28/11)
Effective January 1, 2012, the Loss Sensitive Rating Plan (LSRP) threshold in Indiana increases from $100,000 to $250,000. The filing eliminates the Indiana special threshold of $100,000 that had been in effect since December 1, 2002.

3. Approved January 1, 2012 Advisory Rate Filing (10/21/11)
 
Circular 2011-07
Rate Filing Document
Rate Pages
 
On October 21, 2011 the Indiana Department of Insurance (IDOI) “FILED” the advisory rate filing which completes the approval process The filing proposes an increase:
• of 2.3 % to the loss costs;
• of 2.6% in overall premium level, and;
• of 2.6% in overall rate level.