Public agencies, including cities, counties, and special districts across the state, reported a drop in workers’ comp claim frequency during the latest fiscal year while also experiencing a sharp increase in claim severity. Costs were up for both medical and indemnity benefits. Taxpayers’ overall liability for future claims costs is more than $10 billion. Some …
The New York Compensation Insurance Rating Board announced that it is rolling out a change to its operations next year that it says will improve the accuracy of the workers’ comp rates and the experience rating modification factors it generates. The National Council on Compensation Insurance says it too is proposing to make the same …
The Workers’ Compensation Insurance Rating Bureau’s Classification and Rating Committee voted to recommend updating the experience rating system to put Covid-19 claims into employers’ X-Mods. The experience from Covid-19 claims has never been included in the rating calculation, but that could change as of September 1, 2024. The Bureau is a private organization with quasi-governmental …
The California Department of Insurance fully adopted the Workers’ Compensation Insurance Rating Bureau’s September 1, 2023, regulatory filing. A separate decision on the advisory pure premium rates is still pending. …
Insurance Commissioner Ricardo Lara will hold a virtual public hearing on April 24th to take public comment on the Workers’ Compensation Insurance Rating Bureau’s proposed regulatory changes for workers’ comp policies incepting on or after September 1st, 2023. The rule changes include a major restructuring of the classifications for the restaurant and tavern industry, updated …
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 approved making a regulatory filing to create a new companion class for two classifications in the Electronics Industry Group. The filing will also bring changes to the experience rating plan that would allow Covid-19 claims to factor into an employer’s X-Mod. The Bureau is a private organization …
It is time for Workers’ Comp Executive to provide a list of the most significant California workers’ compensation stories from the previous year. Some years, legislative developments like the 2012 passage of the Baker SB 863 workers’ comp reforms dominate the news. Other years’ market issues such as rising workers’ comp rates or insurance company …