The new regulatory changes taking effect September 1st include seven additional workers’ comp classifications that will be subject to the payroll limits that cap the amount of payroll included in the calculation of workers’ comp premium. Approved by Insurance Commissioner Ricardo Lara, six of the seven classes will also see an increase in advisory pure …
A California administrative law judge ruled that updates to the state’s workers’ compensation classification system that created new classes for the HVAC industry were the correct assignments for a Southern California employer. The judge agreed with the Workers’ Compensation Insurance Rating Bureau that classification by analogy was no longer applicable when new classes specifically described …
The Workers’ Compensation Insurance Rating Bureau’s Classification & Rating Committee members approved a proposal to pull yacht clubs and retreat operators out of the 9061 classification for clubs that are not otherwise classified. The move would send yacht clubs to join country clubs and golf clubs in class 9060 and retreats to join with camp …
California’s workers’ comp carriers had a loss ratio of 96.3% last year compared to the 84.9% reported in 2020. The industry also saw its pre-tax underwriting profits tumble from 13.9% in 2020 to just 3.2% last year – the third straight year of decline. In 2018, the industry had a 23.3% pre-tax underwriting profit (see …
Insurance Commissioner Ricardo Lara rejected a call from the Workers’ Compensation Insurance Rating Bureau and his staff’s recommendation when nixing a plan to allow Covid-19 claims to count against employers’ X-Mods. Covid claims remain excluded from the experience rating process. The Bureau is a private organization with quasi-governmental responsibility, financially supported exclusively by insurance carriers …
The Workers’ Compensation Insurance Rating Bureau’s Governing Committee will meet later this morning to deliberate about its upcoming September 1, 2022, advisory pure premium rate filing. The agency’s staff will likely recommend increasing California workers’ comp rates again. Earlier attempts were rebuffed by Insurance Commissioner Ricardo Lara and the actuaries at the California Department of …
The Workers’ Compensation Insurance Rating Bureau says that roughly one out of every ten workers’ comp claims involving mild infections for Covid-19 were still requiring medical treatment four months later. In severe and critical cases, the prevalence of so called “long Covid” was much higher at 36% and 40%, respectively, according to a new report. …