Today’s issue of WorkCompRecap interrupts your Cyber-Monday shopping to feature NCCI’s recent release of a new Insights article on the Workers’ Comp Residual Market that examines the structure of the market, NCCI’s role as a Plan and Pool Administrator, and present some summary statistics.
NCCI noted that the residual market, also known as the assigned risk market, serves a bit like a safety net, and each state’s residual market is managed by either a State Fund, Joint Underwriting Association, Assigned Risk Reinsurance Plan, NCCI’s Workers Comp Insurance Plan or an alternative mechanism. Currently, NCCI is the designated residual market plan administrator for 22 jurisdictions. The report also notes that since 2014, residual market pool premium volume has remained stable around $1 billion, an indication of a healthy system where employers can readily find coverage in the voluntary market.
Find out more (including a link to the free brief!) by clicking here!