SACRAMENTO, Calf. – The following statement can be attributed to Mark Sektan, president of the Association of California Insurance Companies regarding the Workers’ Compensation Insurance Rating Bureau’s (WCIRB) Governing Committee announcement that it will make an informational filing. “California’s workers’ compensation system is at a crossroads; we can either address the increasing cost drivers in… [Read more]
Association, Rating & Research News
2011 NCCI Workers Compensation Issues Report Now Available
Today, NCCI released the 2011 edition of its Workers Compensation Issues Report. This year’s Issues Report examines the most critical issues facing the workers compensation industry today, including: Two distinct examinations of the recession’s effect on the workers compensation industry—from Bob Hartwig, president of the Insurance Information Institute, and Harry Shuford, NCCI chief economist A… [Read more]
CA WCIRB Actuarial Committee Continues To See Pure Premium Rate Inadequacy
The WCIRB Actuarial Committee met in San Francisco today to review insurer experience valued as of December 31, 2010. The Committee’s analysis continues to show significant pure premium rate inadequacy. Pure premium rates have not been adjusted since January 1, 2009. A final indicated change is not yet available, but the Actuarial Committee’s review of… [Read more]
AIA says Missouri Work Comp fix, SB 8, Does More Harm than Good
WASHINGTON, D.C. – The American Insurance Association (AIA) says Missouri legislation, SB 8, does more harm than good in addressing defects within the state’s workers’ compensation system. AIA believes that the bill needlessly exposes employers to additional costs, liabilities, and lawsuits. AIA is therefore supporting HB 162 because it protects workers and employers in Missouri… [Read more]
SPARTA Subsidiary Companies Assigned A- (Excellent) Rating
HARTFORD, Conn.–(BUSINESS WIRE)–A.M. Best assigned an A- rating (Excellent) to SPARTA subsidiaries, SPARTA Specialty Insurance Company and SPARTA American Insurance Company. SPARTA Specialty is a non-admitted company currently eligible in 33 jurisdictions that SPARTA will use to write program business for the surplus lines market and SPARTA American is an admitted company licensed in California… [Read more]
U.S. Employment Report: Confidence Dips in March
FORT LAUDERDALE, Fla. /PRNewswire/ — The SFN Group Employee Confidence Index decreased 2.2 points to 51.4 in March. The Index, which measures workers’ confidence in their personal employment situation and optimism in the economic environment, reveals a dip in overall confidence among workers, specifically in regards to confidence in the strength of the economy. “Although… [Read more]
Michigan Workers’ Compensation Agency Releases 2010 Annual Report
The State of Michigan’s Workers’ Compensation Agency has released their 2010 Annual Report. Highlights from the 2010 edition include: Health Care Services has put in place an internet automated Certification of a Carrier’s Professional Health Care Review program so insurance carriers, self-insured’s and insured groups can go online and submit renewal information. This new process… [Read more]
CWCI Research Tracks the Continued Growth of California Workers’ Comp Medical Expenses
California workers’ compensation medical expenditures fell sharply immediately after the enactment of the 2002-2004 reforms, but that decline was short-lived, and after rising steadily since 2005, average payments for treatment, pharmaceuticals and durable medical equipment (DME), medical management/medical cost containment and med-legal reports are back above pre-reform levels according to a new CWCI study. For… [Read more]
NAIC Releases Annual Report: “Pillars of Strength”
AUSTIN, TEXAS (March 26, 2011) — The National Association of Insurance Commissioners (NAIC) today released its 2010 Annual Report, “Pillars of Strength.” Focusing on the solid foundation of state-based regulation, the report recounts the accomplishments and progress of the past year, highlighting how state insurance regulators have provided resilience and support during a challenging period… [Read more]
NAIC Announces Training Opportunities For New Market Conduct Annual Statement Collection System
AUSTIN, TEXAS — The National Association of Insurance Commissioners (NAIC) released their training schedule for the new Market Conduct Annual Statement (MCAS) collection system. “Comprehensive training will be available for both industry representatives and state regulators on the new MCAS collection system,” said John M. Huff, Chair of the Market Information Systems Task Force and… [Read more]