§ 58-20-22 — Premium reductions and premium increases for certain insurers.

Any insurer writing workers' compensation in this state shall provide an appropriate reduction in premium, as determined by the insurer, to its insureds that due to size do not qualify for experience rating and who have not incurred liability for indemnity compensation or for medical losses exceeding an amount to be determined by the insurer subject to approval by the director for the past three years. Further, any insured that due to size does not qualify for experience rating and who has incurred liability for indemnity compensation or for medical losses exceeding an amount to be determined by the insurer subject to approval by the director during the past three years is subject to an appropriate increase in premium as determined by the insurer.

Legislative History

SL 1992, ch 364, § 9; SL 1993, ch 362, § 2.