GENERAL CIRCULAR LETTER 403 MARCH 23, 1999
TO: Members of the Bureau
FROM: L.N. Hannes, President
SUBJECT: Final Audit Billings and Distribution
The Office of the Commissioner of Insurance has notified the W.C.R.B. of concerns that have arisen among Wisconsin policyholders regarding final audit premium procedures. Since there is no specific procedure set forth in the filed Workers Compensation Manual in Wisconsin, individual carriers have different minimum final audit thresholds that initiate billings or generate premium refunds.
These differences are frequently systems-related, and neither the OCI nor the Wisconsin Bureau are interested in generating any additional costs for insurers. However, it is the position of the OCI and the WCRB that premium refunds, following final audit, whenever requested by the policyholder, must be made irrespective of minimum thresholds that may or may not apply. Also, the policyholder should be notified of his or her right to make such a request.
Since we believe most insurers already follow the procedures in this Circular, please consider the Circular a "friendly reminder" of premium refund procedures that apply in Wisconsin.