287.975. Pure premium rate, schedule of rates, filed with director, when--payroll differential, advisory organization to collect data, when, purpose. - Missouri Statutes

Pure premium rate, schedule of rates, filed with director,when--payroll differential, advisory organization to collectdata, when, purpose.

287.975. 1. The advisory organization shall file with the directorevery pure premium rate, every manual of rating rules, every rating scheduleand every change or amendment, or modification of any of the foregoing,proposed for use in this state no more than thirty days after it isdistributed to members, subscribers or others.

2. The advisory organization which makes a uniform classification systemfor use in setting rates in this state shall collect data for two years afterJanuary 1, 1994, on the payroll differential between employers within theconstruction group of code classifications, including, but not limited to,payroll costs of the employer and number of hours worked by all employees ofthe employer engaged in construction work. Such data shall be transferred tothe department of insurance, financial institutions and professionalregistration in a form prescribed by the director of the department ofinsurance, financial institutions and professional registration, and thedepartment shall compile the data and develop a formula to equalize premiumrates for employers within the construction group of code classificationsbased on such payroll differential within three years after the data issubmitted by the advisory organization.

(L. 1993 S.B. 251 § 35)

Effective 1-1-94