The cost to administer California’s workers’ comp claims continues to increase in the post SB 863 world. Earlier expectations held that the workers’ comp reforms would ultimately reduce frictional costs in the system The latest pure premium rate recommendation from the Bureau allocates 27% of the proposed pure premium rates to loss adjustment and medical …
Insurance Commissioner Dave Jones approved the bulk of the Workers’ Compensation Insurance Rating Bureau’s regulatory changes for Jan. 1, 2017 new and renewal policies, but is delaying amendments to several class descriptions. The Commissioner’s action clears the way for updating employers’ 2017 X-Mods. A separate decision on 2017 pure premium rates is expected by early …
The Workers’ Compensation Insurance Rating Bureau held a hastily called webinar after upset brokers flooded the California Department of Insurance with comments opposing the state’s move to a variable split point system for determining excess and primary losses. The opposition surfaced during an extended comment period on the Bureau’s 2017 regulatory filing that establishes the …
Employers are asking Insurance Commissioner Dave Jones to hold off on adopting one section of the Workers’ Compensation Insurance Rating Bureau’s proposed regulations for 2017. It is the section dealing with first aid claims. Businesses say the proposed reporting provisions are unclear and inappropriate in light of changes coming down the pike to exempt the …
The actuaries at the Bureau completed a recalculation of the data underlying the January 2017 pure premium rate filing. The Bureau’s recommendation is for a 2.6% reduction. Bureau staff initially proposed a 0.9% rate cut, but as Workers’ Comp Executive reported Wednesday, WCIRB Governing Committee members wanted the rate filing to reflect the state’s evolving claim …
California employers’ costs dropped by some $200 million on workers’ comp medical costs between calendar years 2013 and 2015 as the industry received and processed fewer medical transactions. In other words, the increasing rate of medical utilization seen before the SB 863 reforms has, at least for the moment, reversed according to a new industry …
The Workers’ Compensation Insurance Rating Bureau’s annual report to the Legislature on the workers’ comp industry’s losses and expenses shows that incurred losses continued a three-year run of improved results. Overall, incurred losses amounted to 62.3% of the industry’s $17.1 billion in direct earned premiums as the combined ratio dropped below 100 for the first …
As promised, Compline has released the new 2017 X-Mod calculation software. The Workers’ Compensation Insurance Rating Bureau late yesterday filed its proposed new factors and system with the Department. Compline had its new software ready to go and has officially released it. Compline has also added ten new charts and graphs to make explaining X-Mods and opportunities …