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August 21, 2018
Rate Tier Exception Threshold on New Business Reduced from $15,000 to $5,000 for the 2019 Policy Year Beginning 7/1/18
MSF has reduced the account size required to qualify for an exception to the system assigned rate tier for new policies and for PY17 and PY18 renewal policies. If the account qualifies, MSF will manually calculate the rate tier to consider private carrier data or a combination of private carrier and MSF data.
Beginning 7/1/18, MSF will override the system assigned rate tiers if the new or renewal business meets all the following required conditions:
• The account must have 3 years of continuous coverage (i.e. 36 consecutive months counting backwards from the proposed effective date). The coverage must be continuous, but can be obtained through private carrier data only or a combination of private carrier data and MSF data.
• The new business account must be experience rated. The submission must contain the current experience modification worksheet or an authorization letter for MSF to obtain it.
• The account’s premium must be at least $5,000 as calculated by MSF3 (rate tier) multiplied by the experience modification factor. Previously, MSF required the minimum account size to exceed $15,000.
• The new business account must provide at least 3 years of currently valued loss runs with the submission.
All changes are calculated and approved by MSF prior to binding coverage. You may choose to send us the required information at any time prior to the effective date of the policy for our review and potential price adjustment.
If you have additional questions, please call Nick Hopkins, Director of Marketing and Business Development at (406) 495-5435 or Heather Domme, Marketing Service Specialist at (406) 495-5455.
