The number of paid workers’ compensation claims has fallen 44 percent relative to the number of employees from 1997 to 2009, according to the 2009 Minnesota Workers’ Compensation System Report, just released by the Minnesota Department of Labor and Industry (DLI). “Though each workplace accident is one too many, the report underscores that Minnesota’s workplaces… [Read more]
Association, Rating & Research News
CA WCIRB Releases Report on Losses & Expenses for Calendar Year 2010
San Francisco, CA – The Workers’ Compensation Insurance Rating Bureau of California (WCIRB), an unincorporated, private, nonprofit association comprised of all companies licensed to transact workers’ compensation insurance in California, has released its report on workers’ compensation losses and expenses for 2010. The report is prepared annually pursuant to Section 11759.1 of the California Insurance… [Read more]
CSIMS Responds to CA State Fund MPN Requirements Limiting Opioids, Compound Drugs
Recently the California Society for Industrial Medicine and Surgery (CSIMS) announced that California’s State Compensation Insurance fund (SCIF) has sent a document to providers listing more than 3 dozen provisions and criteria that physicians must follow in order to remain in the State Fund’s Medical Provider Network (MPN). According to CSIMS, “a number of questions… [Read more]
New ACORD Workers’ Compensation Reporting Committee Announced
Recently, the ACORD Standards Committee approved the formation of a new Standards Program and Steering Committee for Workers’ Compensation Reporting. Ellen Sonkin, Vice President of the Regulatory Reporting Division of Chartis Insurance will chair the group. In her current role at Chartis, she is responsible for all Workers’ Compensation Data reporting, including Financial Calls, Unit… [Read more]
Towers Watson Survey: Commercial Insurance Prices Remain Flat, Work Comp Up Slightly
NEW YORK–(BUSINESS WIRE)–Commercial insurance prices were relatively flat for the ninth consecutive quarter, and new data confirm the deterioration of loss ratios in accident-year 2010, according to global professional services company Towers Watson’s (NYSE, NASDAQ: TW) most recent Commercial Lines Insurance Pricing Survey (CLIPS). Price reductions continued for commercial property and management liability lines. However,… [Read more]
CWCI: Jump in California Average Weekly Wage to Push 2012 Workers’ Comp Benefits to Over $1k/Week
New U.S. Department of Labor data shows California’s State Average Weekly Wage (SAWW) rose more than 2.4% from $979.90 to $1003.55 in the 12 months ending March 31, 2011, which the California Workers’ Compensation Institute (CWCI) reports will push up minimum and maximum temporary total disability (TTD) rates for 2012 work injury claims, as well… [Read more]
A.M. Best Upgrades Ratings of Stonetrust Commercial Insurance Company
OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best Co. has upgraded the financial strength rating to B++ (Good) from B+ (Good) and issuer credit rating to “bbb” from “bbb-” of Stonetrust Commercial Insurance Company (Stonetrust) (Baton Rouge, LA). The outlook has been revised to stable from positive. “The Treatment of Terrorism Risk in the Rating Evaluation” The rating upgrades… [Read more]
North Carolina House Passes Workers Compensation Bill: PCI Statement
RALEIGH, N.C.—The Property Casualty Insurers Association of America (PCI) applauds the North Carolina House of Representatives for Tuesday’s passage of HB 709, the Protect and Put North Carolina Back to Work bill. The legislation was the product of extensive negotiations between Republicans and Democrats and, if enacted, would be the first significant workers’ compensation reform… [Read more]
WCIRB President Robert Mike Announces Retirement
San Francisco, CA – After more than 42 years of service to the California workers’ compensation community, WCIRB President and CEO Robert Mike announced today that he will retire effective December 1, 2011. Planning for Mr. Mike’s succession began in late 2010. As Bob entered his 5th decade of service to the WCIRB, he advised… [Read more]
Illinois Passes Workers’ Comp Reform Bill: AIA Statement
WASHINGTON, D.C. – Steve Schneider, Midwest region vice president for the American Insurance Association (AIA), today issued the following statement on the Illinois Legislature’s passage of HB 1698, so-called workers’ compensation reform legislation, just prior to the session’s adjournment last night. Illinois’ workers’ compensation system is one of the most expensive in the nation and… [Read more]