Quote of the day
"All I can say is, it was a misunderstanding between BrickStreet Insurance, us and the Insurance Commission."
Kelli Frame, manager of the West Virginia state capitol building's cafeteria, after it was flagged by workers' comp insurer BrickStreet Mutual for nonpayment of premiums
Hartford Credits Generics for Pushing Down Claim Costs
In the most recent Top 25 Drugs in Workers’ Compensation annual survey, Hartford Financial Services Group reports that overall pharmaceutical costs for its workers’ compensation clients decreased last year in part due to greater availability of generic substitutes for popular and expensive name-brand drugs. Workers’ Comp Executive
Go to the Full Story…
Noe Plays the Victim Card
Attorneys for Tom Noe, the once-prominent GOP fundraiser now charged with looting at least $1 million from the Ohio Bureau of Workers’ Compensation’s rare-coin funds that he managed, allege that Noe is a victim of extortion by the bureau’s former chief financial officer Terrence Gasper, who already has pleaded guilty to corruption charges for improperly doling out agency investment business in exchange for cash and favors. By Mike Wilkinson, Toledo Blade [With Photo] Go to the Full Story…
E-Mails Show Bureau’s Attempt to Deal with Hedge Fund Fiasco
Former Ohio BWC director Jim Conrad was worried about the wording of a draft memo explaining a $215 million hedge fund investment loss, months before the loss became public knowledge, documents released last week show. Conrad’s suggestions included a statement in bold that the insurance fund was solvent, that no injured workers would be denied benefits and all medical providers’ bills would be paid. By Andrew Welsh-Huggins, AP via Akron Beacon-Journal
Go to the Full Story…
Mountain State Capitol Cafeteria Gets Yellow Card
According to West Virginia workers’ compensation insurer, the state capitol’s cafeteria is operating without required insurance. The popular lunch spot’s manager says it’s a mistake, but will the yellow default poster taped to its front door, right next to the menu, make pols and staffers lose their appetites? By George Hohmann, Charleston Daily Mail [With Photo] Go to the Full Story…
A.M. Best Removes from Under Review, Affirms Folksamerica Re
A.M. Best Co. has announced that it has removed from under review and affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of Folksamerica Reinsurance Company of New York City. Workers’ Comp Executive
Go to the Full Story…
Utah WCF Distributing $21.5 Million Dividend
The Utah Workers Compensation Fund has announced that it has started distributing a $21.5 million dividend, which is $1.5 million higher than last year’s dividend. The payout will go to a majority of policyholders with each receiving approximately 9 percent of their earned premium attributable to the 2005 calendar year. Deseret News
Go to the Full Story…
Show Me State City Manager Indicted
The city manager for the city of Berkeley, Mo., is indicted on federal bribery and mail fraud charges for allegedly taking bribes from an insurance broker for the city’s insurance policies, including workers’ comp, according to a U.S. attorney. St. Louis Business Journal
Go to the Full Story…