§ 42-7-70 — Rates and premiums.

The rates and premiums paid by employers insured in the fund must not be excessive, inadequate, or unfairly discriminatory. Employers may be grouped by classifications for the establishment of rates and minimum premiums, and classification rates may be modified to produce rates for individual employers in accordance with rating laws which establish standards for measuring any variations in hazards or expense provisions, or both, that can be demonstrated to have a probable effect upon losses or expenses. All premiums collected by the fund must be deposited by it in the State Treasurer to the credit of the State Accident Fund.

Legislative History

HISTORY: 1962 Code SECTION 72-457; 1952 Code SECTION 72-457; 1947 (45) 147; 1974 (58) 2237; 1993 Act No. 181, SECTION 991, eff July 1, 1993.