WASHINGTON, D.C. – The National Association of Insurance Commissioners (NAIC) today released two sets of data that help identify leading insurance writers and provide an indicator of the degree of market concentration in lines of business. The 2010 market share data for life/fraternal and property/casualty insurers include countrywide direct written premium for the top 25… [Read more]
Association, Rating & Research News
AIA Endorses Proposed Regulation Establishing Uniform Pharmaceutical Reimbursement Rates In Maryland
WASHINGTON, D.C., March 1, 2011 – The American Insurance Association (AIA), in its comments submitted yesterday to the Maryland Workers’ Compensation Commission, endorsed the establishment of uniform reimbursement rates for pharmaceuticals. AIA lauded the Commission’s proposal because it addresses a significant problem, in Maryland and in many states, where physician-dispensing of re-packaged drugs has been… [Read more]
A.M. Best Revises Outlook of The Cumberland Insurance Company, Inc.
OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best Co. has revised the outlook to stable from negative and affirmed the financial strength rating (FSR) of A- (Excellent) and issuer credit rating (ICR) of “a-” of Cumberland Insurance Company, Inc. (CIC). “Risk Management and the Rating Process for Insurance Companies” A.M. Best also has affirmed the FSR of A- (Excellent)… [Read more]
PCI Calls For Improvements To Maryland Work Comp Proposal
ANNAPOLIS, Md.—While proposed amendments to Maryland workers’ compensation regulations represent an improvement from the emergency rule adopted January 4, 2010, the Property Casualty Insurers Association of America (PCI) still has concerns about their impact. The regulation, COMAR 14.09.01.19, would establish guidelines for reviewing and approving proposed workers’ compensation settlement agreements in compliance with the review… [Read more]
RAND Posts New Research Brief on Workers’ Comp Reform’s Effects on RTW
From the Brief: “In 2004, California passed Senate Bill 899 (SB 899), which introduced sweeping reforms to the workers’ compensation system designed to reduce employer costs and simultaneously improve outcomes for injured workers. It overhauled the permanent-disability rating system, reduced parties’ ability to “shop” for physicians, reformed medical treatment, and stimulated return to work by… [Read more]
NICB Reports a 24 Percent Rise in Suspicious Claims Since 2008
DES PLAINES, Ill.,/PRNewswire/ — The National Insurance Crime Bureau (NICB) today released its 2010 questionable claims (QC) referral reason analysis. The report examines six referral reason categories of claims: property, casualty, commercial, workers’ compensation, vehicle and miscellaneous referred in 2010, with those referred in 2008 and 2009. In 2008, a total of 74,146 QCs were… [Read more]
NCCI Study Reports Increase in Temporary Total Disability Indemnity Benefits
After a period of moderation, NCCI is now seeing an increase in the average duration of payments for Temporary Total Disability (TTD) indemnity benefits. This increase coincides with the onset of the recession in late 2007. “Countrywide, our estimate of ultimate mean duration of TTD indemnity benefits has risen from about 123 days for injuries… [Read more]
Marybeth Farquhar, PhD, Named URAC’s Vice President, Research and Measurement
URAC, a leading health care accreditation and education organization, today announced the appointment of Marybeth Farquhar, PhD, as Vice President, Research and Measurement. In this role, Dr. Farquhar will be responsible for the development and implementation of URAC’s performance measures. Further, she will shape URAC’s measurement strategy, develop validation and research initiatives and represent URAC… [Read more]
EMPLOYERS® Recognized by Workers’ Compensation Insurance Rating Bureau of California
/PRNewswire/ — The Workers’ Compensation Insurance Rating Bureau of California (WCIRB) has recognized Employers Compensation Insurance Company (EMPLOYERS®) for its record of excellent payroll audit performance. EMPLOYERS achieved a test audit error ratio of 6.9 percent as compared to the California statewide average of 13.8 percent in 2010. WCIRB California’s designation of excellence exemplifies EMPLOYERS’… [Read more]
New Members Appointed to NIPR Board
KANSAS CITY, Mo. (Feb. 16, 2011) — The National Insurance Producer Registry (NIPR) is pleased to announce the appointments of its newest board members, Illinois Insurance Director Michael T. McRaith and Tennessee Insurance Commissioner Julie Mix McPeak. McRaith and McPeak represent the National Association of Insurance Commissioners (NAIC) on the NIPR board of directors. “We… [Read more]