Quote of the day
''It saves hundreds of millions of dollars [for insurers]."
Florida Gov. Jeb Bush, about the Florida Hurricane Catastrophe Fund's plan to sell bonds to cover losses caused by eight hurricanes in the past two years
Sunshine State Hurricane Fund Planning Bond Sale
The Florida Hurricane Catastrophe Fund will sell up to $1.5 billion in bonds after having to cover losses from the eight hurricanes that hit the Sunshine State in the past two years. They will be repaid through a ten-year, 1-percent assessment on all property and casualty insurance policies held by Floridians; workers’ compensation and medical malpractice policies are exempt. By Beatrice E. Garcia, Miami Herald
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Medical Expenses Milk Higher Comp Costs in Dairy State
Rising medical costs are driving an increase in workers’ compensation costs in Wisconsin, according to a new study by the Massachusetts-based Workers Compensation Research Institute. Average costs per comp claim grew 13 percent for claims evaluated in mid-2004 with 12 months’ maturity, although the average cost per claim in Wisconsin was among the lowest of the 13 states in the study. Business Journal of Milwaukee
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Rhody Supremes to Decide on Removal of Beacon Board Members
The Rhode Island Supreme Court will consider next week whether Gov. Donald Carcieri can remove two members of the board of Beacon Mutual Insurance Company, the state’s dominant workers’ compensation insurer. Carcieri attempted to fire the men in the wake of an audit that revealed mismanagement and favoritism in pricing. By AP via WPRI (Providence)
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Commentary: Beacon Wants It Both Ways
The troubles at Beacon Mutual Beacon’s blowup are the result of a fight it picked with the Rhode Island Governor’s Office: Beacon wants to retain its special status as a state fund, but also to be free to operate like any multi-state property and casualty insurer. By Peter Rousmaniere, Risk & Insurance
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Former Ohio BWC Finance Boss Charged with Racketeering, Ethics Violations
Federal and state prosecutors indict Terrence W. Gasper, the 59-year-old former chief financial officer for the Ohio Bureau of Worker’ Compensation, on charges of trading investment opportunities for money, college tuition and stays at a Florida condominium. By Mark Niquette, Columbus Dispatch [With Photo] Go to the Full Story…
Empire State Legislators Urged to Pass WTC-Worker Benefits Law
In New York, proponents of a bill that would provide workers’ compensation benefits for people who helped in World Trade Center site cleanup efforts are urging support from their colleagues. NY1 (New York City) [With Photo] Go to the Full Story…
Delays, Denials Frustrate Ailing Ground Zero Comp Claimants
According to Jon Sullivan, spokesman for the New York State Workers’ Compensation Board, Ground Zero-related claims have been denied at higher rates than other claims, with 28 percent of nearly 11,000 World Trade Center injury claims controverted, compared with 17 percent of all other claims. “I don’t understand why they are torturing me,” says one worker who has endured nine hearings and two appeals by insurers, but has received nothing. By Ridgley Ochs, Newsday
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BrickStreet to Offer Safety Training
BrickStreet Insurance Co., West Virginia’s private workers’ compensation insurer that took over for the state-run system on January 1 as the state’s sole carrier, plans to offer a series of free safety training sessions to policyholders this summer. Charleston Daily Mail
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Virginia Birth Injury Program Appeals Paraplegic Boy’s Benefits
A Virginia state program for children injured at birth is asking the state Supreme Court to overturn decisions during the past two years that awarded a paraplegic four-year-old boy lifelong medical care. The program and attorney general’s office argue that the Workers’ Compensation Commission and state appeals court repeatedly erred in ruling that he qualifies for benefits. By Bill McKelway, Richmond Times-Dispatch
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