The California Legislature still has a day of work left this year, but legislators already sent Gov. Gavin Newsom a bill to require contractors to report the workers’ compensation classifications on their workers’ comp policies to the Contractors State Licensing Board. If enacted, the bill would require the CSLB to publish on its website the …
One of the major players in the app-based, on-demand delivery services space is going public. However, its registration statement warns investors that classification disputes and workers’ compensation issues could ultimately pose a risk to its operations. Instacart notes in the prospectus that it already paid $46.5 million to settle one misclassification lawsuit, and the 600,000 …
According to a new report on the industry’s finances, California workers’ compensation carriers saw their loss and expense ratio tick up two points to 98.1% last year. The industry’s pretax underwriting profit declined for the fourth year to just 1.3% (see top chart on page 8). The results do not contemplate the investment income carriers …
Insurance Commissioner Ricardo Lara rejected an insurance industry call for a 0.3% increase in California’s advisory pure premium workers’ comp rates and instead ordered a cut of 2.6% effective September 1, 2023. The decision resumes a trend of rate cuts going back to 2015 after a one-year pause when the Commissioner ordered rates to be …
Attorneys for the State Compensation Insurance Fund and the nurse staffing firm ReadyLink are back in court as part of a decade-long dispute over alleged per diem payments which State Fund categorizes as payroll. The oft-delayed jury trial opened last week with the attorneys facing off over pretrial motions to exclude various evidence from a …
The California Self-Insurers’ Security Fund continues to see a steady drop in its workers’ comp claim counts and liabilities as the pace of new defaults remains low to non-existent. The security fund did not absorb any new estates last year or the year before after taking over one each year in 2021, 2020, and 2019. …
Workers’ compensation remains the most profitable part of the national property and casualty industry. For the sixth straight year, its combined ratio was under 90. And carriers overall are holding on to reserve redundancies. The news came from National Council on Compensation Insurance’s chief actuary Donna Glenn, and it was part of the rating association’s …
One-third of all workplace injuries happen to workers who are in their first year on the job with that employer, say researchers at a major workers’ compensation insurance carrier. How much industry experience the worker had with other employers was immaterial to the outcome. The other key finding was that the worker’s age was a …