§ 65-04-01 — Classification of employments - Premium rates - Requirements

1. The organization shall classify employments with respect to their degrees of hazard,
determine the risks of different classifications, and fix the rate of premium for each of
the classifications sufficiently high to provide for:
a. The payment of the expenses of administration of the organization;
b. The payment of compensation according to the provisions and schedules
contained in this title; and
c. The maintenance by the fund of adequate reserves and surplus to the end that it
may be kept at all times in an entirely solvent condition.
2. In the exercise of the powers and discretion conferred upon it, the organization shall fix
and maintain for each class of occupation, the lowest rate which still will enable it to
comply with the other provisions of this section.
3. The organization shall establish premium rates annually on an actuarial basis. The
statewide average premium rate level may not deviate by more than five percentage
points from the recommended actuarial indicated premium level for that year.
4. Before the effective date of any premium rate change, including a change in the
minimum premium, the organization shall hold a public hearing on the rate change.
Chapter 28-32 does not apply to a hearing held by the organization under this
subsection.