A Bureau inspection resulted in a classification change. When is the change effective?
Corrections in classifications which result in a decrease in premium, whether determined during the life of the policy or upon audit, shall be applied retroactively to the inception of the policy term and, if applicable, the experience rating modification will be recalculated. Corrections which result in an increase in premium shall be applied as follows: The effective date of a change for purposes of the time periods in a) and b) below is the date an insurer determines that it is necessary to effect a classification(s) change. a) During the first 120 days of the coverage term, retroactively to the inception of the policy term and recalculation of the experience rating modification. b) After the first 120 days of the policy term, corrections in classifications will not be effective until the next renewal policy. The date of a WCRB inspection supersedes the carrier date when determining the application of a change or correction in classification. WCRB will notify the carrier of the effe
