Quote of the day
"Workers' comp was not going to become free. This is still an expensive program for insurance providers and the employers."
Nicole Mahrt, spokeswoman for the American Insurance Association in California
Broken Links Fixed
Readers yesterday undoubtedly found that our links did not work. Please rest assured that our red-faced and otherwise crack technical team has been beaten, berated and … actually we thanked them for finding the problem which was production software from one of our vendors. Of course, it had to be this one system out of a server farm of literally over a hundred. All previous editions links are now working. We’re sorry for the inconvenience and appreciate everyone’s contact, comments and patience.
CompWest Parent Completes $20 Million Trust-Preferred Offering
CWI Holdings, Inc., the parent organization of CompWest Insurance Company, has announced the issuance of $20 million of trust-preferred securities in a private placement by a wholly-owned Delaware statutory trust. Workers Comp Executive
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Pace of Workers’ Comp Cuts Slows
The pace of cuts in workers’ compensation rates has slowed sharply in the latest round of filings by insurance carriers in California: in May and June, the average rate cut is running about 11 percent. In the previous filing period of November and December 2005, workers’ comp carriers filed for an average 15 percent reduction. By George Avalos, Contra Costa Times
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Contra Costa County Workers Stage 24-Hour Strike
Contra Costa county librarians, road crews, nursing assistants, engineers, public defenders, secretaries, social workers, mechanics and animal services workers go on a daylong strike over pay and benefits. The Contra Costa County Labor Coalition says they already have agreed to significant cuts in retirement, medical and workers compensation benefits in hopes of getting a fair contract. By Rachel Gordon, San Francisco Chronicle
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Migraines a Major Cost Headache for American Employers
Migraine headaches cost American employers more than $24 billion a year in direct and indirect healthcare costs, according to study data presented at the annual scientific meeting of the American Headache Society in Los Angeles. Approximately 12 percent of the U.S. population reportedly suffers from migraine. Central Valley Business Times
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Prison for Convicted N.C. Insurance Fraudster
A former Durham, N.C. businessman is sentenced to more than 12 years in prison in an insurance fraud case that cost North Carolinians taxpayers $3 million in unpaid health insurance claims. Investigators suspect he supplied clients with false certificates, leading them to believe their employees were covered with workers’ compensation and health insurance policies. Triangle Business Journal
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Dairy State Claims Best Insurance System in the U.S.
The co-chairwoman of a Wisconsin state Senate panel on health care reform says the insurance system that serves state and local government employees, retirees and their beneficiaries is growing more efficient and less costly. By Anita Weier, Capital Times (Madison, Wisc.) [With Photo] Go to the Full Story…
Pinnacol Ranked Among Best Small- and Medium-Sized Employers
Denver’s Pinnacol Assurance, Colorado’s largest workers’ compensation insurer, ranks No. 25 in the nation for medium-sized companies in a list compiled by the Society for Human Resources Management and the Great Place to Work Institute. The Denver Business Journal
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Pennsylvania House Passes Workers’ Comp Reform Bill
A bill that would make several changes to the state’s workers’ compensation system, including creating a fund to provide benefits to injured workers whose employers do not carry the required coverage, was passed by the Pennsylvania House 196-0 and sent to the Senate for consideration. Centre Daily (State College, Pa.) [Fourth Item] Go to the Full Story…
LWCC to Pay $19.6 Million Dividend
For the third consecutive year, the private, nonprofit mutual Louisiana Workers’ Compensation Corp., the largest workers’ comp writer in the state, is paying a dividend to qualifying policyholders. This year the dividend should total $19.6 million. 2theAdvocate (Baton Rouge)
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Workers’ Comp Report on Domestics Stirs Controversy
A report on the workers’ compensation system in Canada’s Newfoundland and Labrador province is drawing fire for recommending that domestic employees such as housekeepers and babysitters be made eligible for compensation. Opponents say such workers are difficult to monitor and manage and, thus, would strain the system. Yahoo! News Canada
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South Carolina WCC to Reduce Hospital Payments
South Carolina’s Workers’ Compensation Commission approves a plan intended to lower employers’ workers’ compensation costs by reducing payments to hospitals for treating injured workers, starting in October. By AP via WIS-TV (Columbia)
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Parties Request Workers’ Comp Data in S.C. State Court
Two of the parties opposing a possible workers’ compensation insurance rate increase in South Carolina ask a state court judge to make available information that could show how many of the state’s employers overpaid their workers’ comp premiums and by how much. By Peter Hull, Charleston Post and Courier
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Tennessee Workplace Shootings Cause Premiums to Spike
After a double homicide at a Tennessee auto salvage yard that killed a longtime friend and a relative, the owners of the business are facing a 124-percent spike in the cost of their workers’ compensation premiums. By Melvin Claxton, the Tennessean [With Photos] Go to the Full Story…
BrickStreet Selects Agency to Sell Its Policies
West Virginia’s BrickStreet Insurance selects United Security Agency to represent the company and sell its insurance policies and related products. Beginning immediately, businesses in several West Virginia counties can contact the firm’s agents for any Workers’ Compensation insurance needs. Huntington Herald-Dispatch
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Workers’ Comp Rates Spike for Mountain State Schools
Since BrickStreet Mutual Insurance took over West Virginia’s workers’ compensation program in January, rates for 47 of the state’s 55 county school districts have increased. By Kris Wise, Charleston Daily Mail
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Ohio Senator Denies Clout Allegations
U.S. Sen. George Voinovich, R-Ohio, facing scrutiny from political opponents after disclosing his ties to two investment brokers indicted for allegedly bribing an Ohio Bureau of Workers’ Compensation official, denies he used his clout to help them collect millions of dollars in commissions from the embattled agency. By Steve Eder and James Drew, Toledo Blade
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A.M. Best Affirms Ratings of Hanover Insurance Group, Inc.
A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and the issuer credit ratings of “a-” for Hanover Insurance Group Property and Casualty Companies. Workers’ Comp Executive
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W.V. Chamber to Host Workers’ Comp Seminar
The West Virginia Chamber of Commerce is planning an informational seminar Thursday in Charleston covering recent changes to the state workers’ compensation program. Huntington Herald-Dispatch
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R.I. Bill Targets Employee Misclassification
Rhode Island’s Senate has approved a House bill that would allow a contractor that loses a bid because a competitor misclassifies employees as independent contractors to sue the competitor for damages. By Natalie Myers, Providence Business News
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