Ohio Administrative Code
Title 4123 - Bureau of Workers' Compensation
Chapter 4123-17 - General Rating for the State Insurance Fund
Section 4123-17-03.3 - Employer premium size factors
Current through all regulations passed and filed through September 16, 2024
(A) The administrator of workers' compensation, with the advice and consent of the bureau of workers' compensation board of directors, hereby sets the premium size factors in the appendix to this rule to be effective July 1, 2024.
(B) A private employer is eligible for the premium adjustment under this rule provided the private employer is not a professional employer organization as defined in section 4125.01 of the Revised Code, and the private employer is individually experience rated, individually retrospective rated, group retrospective rated, or participating in a deductible program under rule 4123-17-72 of the Administrative Code.
(C) The premium size factors in the appendix to this rule will be applied using the following formula to determine an employer's initial premium:
Initial premium equals payroll multiplied by base rate multiplied by EM multiplied by EM adjustment factor where:
Payroll equals the amount of payroll reported by the employer as required under agency 4123 of the Administrative Code;
Base rate equals the rate that an employer who is not experience rated pays as a percentage of their payroll;
EM equals experience modification as defined in rule 4123-17-03 of the Administrative Code; and
EM adjustment factor equals experience modification adjustment factor as defined in rule 4123-17-03 of the Administrative Code.
(D) The following limitations apply to the initial premium calculated in paragraph (C) of this rule:
Premium equals initial premium multiplied by premium size factor where:
Initial premium equals initial premium as calculated in paragraph (C) of this rule; and
Premium size factor equals the appropriate premium size factor obtained from the table in the appendix to this rule when applying the initial premium as calculated in paragraph (C) of this rule to the experience rated premium range.