38.2-1903 - Exemptions.
§ 38.2-1903. Exemptions.
The Commission may by rule exempt any person, class of persons, or marketsegment from any or all of the provisions of this chapter to the extent thatit finds their application unnecessary to achieve the purposes of thischapter. Retrospective rating plans and large deductible plans for use inwriting workers' compensation insurance for large risks shall be exempt fromthe filing requirements of Chapter 19 (§ 38.2-1900 et seq.). For purposes ofthis section, large risks are risks which generate total estimated standardpremium for workers' compensation insurance of at least $250,000 annually (orless or in combination with other lines if approved by the Commission). Largedeductible plans shall be defined for the purposes of this section asworkers' compensation rating plans that include a per claim deductible of atleast $100,000. Workers' compensation insurance for large risks may beretrospectively rated, or rated under a large deductible rating plan, asmutually agreed upon by the insurer and the insured in writing. A copy of anylarge risk retrospective rating plan and large deductible plan shall be madeavailable to the Commission upon request. Notwithstanding these exemptionsfor retrospective rating plans and large deductible plans for large risks,insurers' experience attributable to large risks shall be filed with theCommission in accordance with § 38.2-1919.
(1973, c. 504, § 38.1-279.32; 1986, c. 562; 1997, c. 153; 1999, c. 491.)