Open rating

{
  "id": "MLC-T-INS-002414",
  "term": "Open rating",
  "field": "Insurance and risk management",
  "definition": "A regulatory system in workers' compensation insurance where insurers are permitted to set their own rates without prior approval from state insurance departments. Under open rating, competition among insurers is expected to drive rates to appropriate levels. Insurers must still file their rates and rating plans with the state, but they can begin using them immediately upon filing.",
  "subject": "Workers Compensation",
  "url": "https://mlchart.com/terminology/insurance/open-rating/"
}