Hot Topics
Short and Long Term Policies (02/20/12)
Effective March 1, 2012, we created several Indiana state rule exceptions to the Basic Manual and the Policy Period Endorsement so that the rules are consistent with Indiana statute which does not permit short term policies. IC § 22-3-5-5(c)(6)) states that policy periods should be one or three years, or continuous. We view the rule change merely as a technical clarification matter. For more information, please refer to Item Filing 01-IN-2012.
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.
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.
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.
2011 Annual Report (9/11)
The 75th ICRB Annual Report is available as a PDF in two formats:
- For monitor/screen viewing
4.9MB
- For printing
7.11MB
Membership Registration (8/11)
We have new registration system, so even you registered with us before (prior to August 2011), please do so again by clicking on the link below. Why register? It allows member companies and their agents to access the monthly assigned risk New Risk Lists.
State of the Economy (rev 9/11)
Check out the presentation titled "State of the Economy" presented by Frank Schmid, NCCI Economist, to the ICRB Actuarial Committee in August 2011.
Using Mod as Qualifier to Bid on Construction Projects (8/11)
The construction industry often uses the experience rating modification (commonly referred to as "EMR" in the construction trades) as a metric for safety prequalification programs. The ICRB issued a "white paper" in July 2011 discussing the issues related to this use, titled "EMR as Qualifier to Bid on Construction Projects".
The paper builds a convincing case for how the use of the experience rating mod can lead to an inaccurate picture of any particular company's safety performance. A question still to be answered is what is a good alternative predictive indicator for "safe" contractors if the mod is not used.