Premium % First $ 1,000 8.0 Next $ 4,000 5.0 Next $ 95,000 3.0 Over $100,000 2.0
Standard Premium is the premium before the application of the premium discount. It is the state premium determined on the basis of:
Total Standard Premium is the total premium... excluding expense constant and any disease charge subject to the Federal Coal Mine Safety & Health Act before the application of the premium discount.
(a) LSRP standard premium is determined on the basis of authorized rates...and includes any:
- Increased limits of liability
- Experience rating modification
- Deductible credit, if applied
- ARAP and/or assigned risk surcharge programs and/or other assigned risk pricing programs other than LSRP
- Minimum premium
(b) Determination of LSRP standard premium must exclude:
- Premium resulting from non-ratable elements
- Premium developed by the passenger seat surcharge under Code 7421
- Premium discount
- Premium developed by the occupational disease rates for employers subject to the Federal Coal Mine Safety and Health Act
- Expense constant
- Premium developed by catastrophe provisions in accordance with Rule 3-A-24
(c) LSRP standard premium is calculated differently than standard premium as defined in Rule 3-A-20.
(d) LSRP standard premium may change before, during, and/or after a policy due to reasons including, but not limited to:
- Premium endorsements
- Preliminary and/or final audits
- A change in ownership or combinability status in accordance with NCCI's Experience Rating Plan ManualThe deposit premium calculation should include the appropriate surcharge amount when applicable.LSRP Exceptions - no commissionThe Loss Sensitive Rating Plan does not pay commission for:
- LSRP contingency deposit premium
- LSRP valuation activity
NOTE: Any producer/agent may submit an assigned risk application for Indiana coverage. You do not need an Indiana agent's license. However, only licensed Indiana agents (either resident or nonresident license) receive commissions. The carrier will recognize the non-licensed agent as the agent-of-record on the account for all other purposes.Click here for information about producer licensing on the Indiana Department of Insurance website.
An agent can assume responsibility for a policy midterm via an Agent of Record letter. The new agent would then receive all applicable correspondence and notices from that point forward, but would not be eligible for commission until the renewal (unless changed within 30 days from effective date).