Schedule rating is a means of providing pricing flexibility by adjusting the loss and / or expense components of an insured risk's premium to reflect characteristics of the risk which are deemed to be not adequately reflected in either prior experience or current rates of the insured risk. The PCRB incorporates a schedule rating feature within the approved Experience Rating Plan while individual carriers may elect to file their own schedule rating plans, subject to certain constraints, directly with the Pennsylvania Insurance Department.
Following is a review of results obtained under the PCRB and carrier schedule rating plans in effect for Policy Years 2006 through 2020.