65.2-821 - State Corporation Commission to make rules and regulations, and establish rating schedules and rates. - Virginia Statutes

§ 65.2-821. State Corporation Commission to make rules and regulations, andestablish rating schedules and rates.

A. The State Corporation Commission may make reasonable rules and regulationsfor the assignment of risks to insurance carriers. It shall establish suchrate classifications, rating schedules, rates, rules and regulations to beused by insurance carriers issuing assigned risk workers' compensationpolicies in accordance with this chapter as appear to it to be proper.

B. In the establishment of rate classifications, rating schedules, rates,rules and regulations, it shall be guided by such principles and practices ashave been established under its statutory authority to regulate workers'compensation insurance rates and it may act in conformity with its statutorydiscretionary authority in such matters.

(Code 1950, § 65-114.2; 1956, c. 358; 1968, c. 660, § 65.1-120; 1991, c. 355.)