(1) Each insurer, rating organization or advisory organization shall maintain reasonable records, of the type and kind reasonably adapted to its method of operation, of its experience or the experience of its members and of the data, statistics or information collected or used by it in connection with the rates, rating plans, rating systems, underwriting rules, policy or bond forms, surveys or inspections made or used by it. An insurer providing workers’ compensation insurance shall maintain reasonable records showing investment income earned by the insurer, insurer profit on workers’ compensation insurance, accumulated reserves for vocational rehabilitation services and accumulated reserves for claim costs related to orders or awards made pursuant to ORS 656.278.
(2) The maintenance of such records in the office of a licensed rating organization of which an insurer is a member or subscriber will be sufficient compliance with this section for any insurer maintaining membership or subscribership in such organization, to the extent that the insurer uses the rates, rating plans, rating systems or underwriting rules of such organization.
(3) Such records shall be available to the Director of the Department of Consumer and Business Services for examination and inspection at any time in order to determine whether the filings made pursuant to ORS 737.205 comply with this chapter.
(4) Each insurer shall maintain statistics under statistical plans compatible with the rating plans used by the insurer. An insurer may report its statistics through a recognized agency or advisory organization, except that workers’ compensation insurance statistics shall be reported to the workers’ compensation rating organization of which the insurer is a member. The director shall prescribe by rule the statistical plan for workers’ compensation insurance.
(5)(a) The director shall designate one workers’ compensation statistical agency from the licensed rating organizations as the agent to which all licensed workers’ compensation rating organizations shall report workers’ compensation insurance statistics. The director shall adopt rules to ensure a competitive process in the designation of the one workers’ compensation statistical agency.
(b) The designated workers’ compensation statistical agency shall assist the director in gathering workers’ compensation insurance statistics and making compilations of those statistics and shall make the compilations available to insurers and other licensed workers’ compensation rating organizations, subject to rules adopted by the director.
(c) If the director licenses only one workers’ compensation rating organization under ORS 737.355 (2), that rating organization shall be the designated statistical agent under this subsection.
(6) The ownership of the financial and statistical data submitted to a workers’ compensation statistical agency is vested in the submitting member insurer. The financial and statistical data shall be confidential and may not be disclosed, provided that the ownership rights of an insurer shall not limit access by the director for the purposes of performing the regulatory duties of the Department of Consumer and Business Services. [1969 c.690 §11; 1981 c.535 §17; 1983 c.360 §2; 1987 c.884 §54; 1999 c.235 §2]
Section: Previous 737.175 737.180 737.185 737.205 737.207 737.209 737.215 737.225 737.230 737.235 737.245 737.255 737.265 737.270 737.275 NextLast modified: August 7, 2008