Today’s issue of WorkCompRecap features some interesting news from the American Insurance Association, who are calling the legislative changes aimed at privatizing the Injured Workers Insurance Fund (IWIF), Maryland’s state-run workers’ comp insurer, a “mischaracterization” of privatization, because IWIF will maintain distinct advantages over the private market. Some of AIA’s primary points include the fact that under the bill, IWIF will remain exempt from the rate filing process, the IWIF’s nine-member board will still be appointed by the governor, and it will retain a “statutorily dedicated” market by remaining the provider of last resort for workers’ comp.
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Also in the news today is the CA WCIRB, who have submitted their July 1, 2012 Pure Premium Rate Filing to the Department of Insurance. The WCIRB cited continued adverse loss development in recent accident years as paid indemnity and paid medical loss development continued to deteriorate, in their reasons for the 4.1% increase over the corresponding industry average filed pure premium rate of $2.41 from January 1.
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