Section 760 IAC 1-75-7 - Duties of administratorsAuthority: IC 20-42.5-2-1
Affected: IC 27-7-2
Sec. 7.
(a) A risk pool administrator shall maintain the following: (1) Loss data and coverage information for each individual risk pool participant in a risk pool on a year to year basis and provide loss data and coverage information to current and former risk pool participants upon reasonable notice.(2) Accounting records so that the total of assets, liabilities, surplus, and expenses whether actual, unpaid, accrued, or reserved are updated and maintained on a fiscal year basis and, using a formula developed by the risk pool, allocated among risk pool participants. The total surplus and liability for each risk pool participant for each year of pool participation shall:(A) be calculable using the formula developed by the risk pool; and(B) represent the retained risk potential and total estimated assessment, should it ultimately be declared, of each risk pool participant for the years the risk pool participant was a member of the risk pool.(3) On an annual basis, an estimate of the amount of each risk pool participant's total individually accrued liability to the risk pool and the potential assessment for the period of time the risk pool participant is or was a member in the risk pool.(b) If the risk pool offers worker's compensation through an insurer, the trust administrator shall maintain and provide, at the request of the risk pool participant, the accurate individual risk pool participant's own distinct experience modification factor calculated in accordance with the rules of, and acceptable to, the ICRB. Department of Insurance; 760 IAC 1-75-7; filed Apr 14, 2008, 10:28 a.m.: 20080514-IR-760070144FRAReadopted filed 11/17/2014, 3:39 p.m.: 20141217-IR-760140197RFAReadopted filed 11/24/2020, 10:27 a.m.: 20201223-IR-760200464RFA