Special Assessment for Systemic Misreporting of Unit Statistical Report Data
The Special Assessment for Systemic Misreporting of Unit Statistical Report Data Program levies assessments on insurers for having submitted inaccurate unit statistical report (USR) data due to a widespread systemic failure or deficiency that resulted in the publication of numerous inaccurate experience modifications. The assessment is determined by:
The number of incorrect experience modifications issued based on USR corrections required to be submitted by the insurer;
The magnitude of the impact on published experience modifications;
The nature and extent to which the accuracy of other reported data was affected;
Whether the insurer voluntarily identified the systemic deficiency or the deficiency was reported after the WCIRB initiated an inquiry; and
How quickly the systemic deficiency was resolved and the inaccurate submissions corrected.
If the insurer fails to address or correct the deficiency within a reasonable period of time, the matter may be escalated to the WCIRB Governing Committee for further remedial action.