                                 CODE OF VIRGINIA

EXEMPTIONS (§ 38.2-1903)

The Commission may by rule exempt any person, class of persons, or market
segment from any or all of the provisions of this chapter to the extent that it
finds their application unnecessary to achieve the purposes of this chapter.
Retrospective rating plans and large deductible plans for use in writing
workers&#8217; compensation insurance for large risks shall be exempt from the
filing requirements of Chapter 19 (§ 38.2-1900 et seq.). For purposes of this
section, large risks are risks which generate total estimated standard premium
for workers&#8217; compensation insurance of at least $250,000 annually (or less
or in combination with other lines if approved by the Commission). Large
deductible plans shall be defined for the purposes of this section as
workers&#8217; compensation rating plans that include a per claim deductible of
at least $100,000. Workers&#8217; compensation insurance for large risks may be
retrospectively rated, or rated under a large deductible rating plan, as
mutually agreed upon by the insurer and the insured in writing. A copy of any
large risk retrospective rating plan and large deductible plan shall be made
available to the Commission upon request. Notwithstanding these exemptions for
retrospective rating plans and large deductible plans for large risks,
insurers&#8217; experience attributable to large risks shall be filed with the
Commission in accordance with § 38.2-1919.

HISTORY: 1973, c. 504, § 38.1-279.32; 1986, c. 562; 1997, c. 153; 1999, c. 491.