Missouri Workers Comp news… Agents have been warning lawmakers in Missouri to use caution as they consider making changes to the workers’ compensation firm created by the state, and which has received criticism from the state auditor for having taken advantage of a federal tax exemption as it spent large amounts on its own perks. A Senate committee has already endorsed the legislation which would establish a special panel that will examine whether or not the Missouri Employers Mutual Insurance Co. law from 1993 needs to be altered. This research…
Read MoreTag: workers comp ins
California brain injury case results in largest workers’ compensation settlement in state history
The largest known settlement in California workers’ compensation insurance has just been secured by attorney Christopher Asvar, totaling $8.9 million for his client who suffered a traumatic brain injury while in the workplace. According to well-known specialist in structured settlements, Steve Chapman, who was involved in the case, “This settlement is the highest anyone is aware of for a California workers’ compensation award”. Asvar is a specialist in the area of brain injury litigation, both civil and workplace, and was substituted into this case three years ago. The client in…
Read MoreMissouri insurer finds criticism from state auditor
Missouri’s largest provider of worker’s compensation insurance has come under fire from one of the state’s auditors, Tom Schweich. The Missouri Employers Mutual Insurance Company (MEM) is a state-backed insurance company created in 1993. Since its creation, the insurer has avoided paying federal taxes because of its claim to be a public corporation. Accusations of corruption led to the company’s agreeing to a one-time review from the state to ensure that its business practices were sound and that it was not misrepresenting itself for the sake of profit. According to…
Read MorePennsylvania workers’ compensation insurance costs drop by an average of 5.7%
Amidst news of insurance rate hikes from throughout the country, the Pennsylvania Department of Insurance offers a change of pace. State regulators have announced the approval of a 5.7% decrease in workers’ compensation costs. The rate reduction is estimated to save the state’s employers approximately $160 million. The 5.7% decrease is a reflection of average reductions throughout the state and will not affect all consumers in Pennsylvania. Some will see higher rates while others see no changes at all, according to regulators. Insurance Commissioner Mike Consedine believes that the rate…
Read MoreEmployers in California pay slightly more into premiums for workers’ compensation insurance
According to Dave Jones, the California insurance commissioner, the top 100 companies in the state, which make up 96.7 percent of its market, have increased the rates that they have filed by an 2.8 percent average so far this year. The average increase will impact the majority of businesses that are legally required to purchase plans that pay for an injured employee’s medical expenses when the injury occurred while on the job, and that offers compensation for work related disabilities both temporary and permanent. The majority of the policies held…
Read More