New Hampshire workers compensation insurance proposal approved

New Hampshire workers compensation - Stamp - Approved

The state Insurance Department has given the nod to a reduce voluntary loss costs proposal. The New Hampshire workers compensation market will keep up its historically low rates right into 2021, according to a new decision made by the NH Insurance Department. The department issued a press release explaining its approval of a new proposal for the market. The NH Insurance Department gave its approval to a rate proposal filed by the National Council on Compensation Insurance (NCCI). This will reduce New Hampshire workers compensation voluntary loss costs by an…

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New Jersey Senate passes bill for COVID-19 dependent benefits

COVID-19 dependent benefits -nurse wearing mask

The bill will provide a weekly supplement to family members of essential workers who die from the virus. The New Jersey Senate has just passed a bill for providing COVID-19 dependent benefits supplements when essential workers in the state die from having the coronavirus. SB 2476 passed on Monday by a vote of 38-1 and will use the NJ Second Injury Fund. Essential workers whose dependents would qualify should the worst happen from coronavirus infection include fire, police and other first responders. They also include medical and other health care…

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Workers compensation insurance market starts to feel the COVID-19 pinch

Workers Compensation insurance - Coronavirus - mask

The coronavirus is now making itself felt in this additional part of the industry. Workers compensation insurance companies are now working quickly to keep up with the sudden influx of claims resulting from the coronavirus pandemic. This has been made all the more complex as the regulatory landscape shifts throughout the country. Many states have been changing the regulations to which the workers compensation insurance companies must adhere in the face of COVID-19. For instance, the state commission for this coverage gave its unanimous approval to repeal a controversial emergency…

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California Insurance Commissioner orders premiums returned to businesses

California insurance commissioner Ricardo Lara- ABC 10 News YouTube

Ricardo Lara has told insurers to return premiums on six lines of personal and commercial coverage. California Insurance Commissioner Ricardo Lara has ordered insurers to return premiums from certain lines to businesses and consumers. This has raised pressure on those insurers to take larger steps to reduce customer financial burden caused by COVID-19. Lara has ordered insurers to return premiums paid for March, April, and possibly May as well. The California Insurance Commissioner’s order applies to six different coverage lines. These include passenger and commercial auto, commercial multi-peril, workers compensation,…

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Workers compensation technology is reducing claims frequency

Workers compensation technology - Computer - Business - Statistics

The use of tech within this insurance space is making positive changes to the market, says a new report. Workers compensation technology is proving exceptionally advantageous to the insurance market in terms of positive and sizeable changes, said an expert’s report. The tech is promoting reduced claims frequency, which is sending rates downward. The fewer the claims insurance companies receive, the less they must often charge for coverage. “We think it’s due to insurance companies doing better on the claims of their policyholders by using technology to drive down the…

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FBI investigating country-wide workers compensation fraud scheme

Workers compensation fraud

The Bureau is looking into an alleged nationwide scam involving insurance and pensions. The F.B.I. has launched an investigation into an alleged nationwide workers compensation fraud, health insurance scam and pension plan scheme. The scheme involves policies and plans sold by American Labor Alliance or its U.S. subsidiaries. The F.B.I. has requested that any businesses that have purchased policies or plans from American Labor Alliance (A.L.A.) or any of its subsidiaries across the country should contact their state insurance regulator. The state regulator will be able to tell if health…

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Vermont workers compensation insurance rates are on their way down

Vermont workers compensation - Insurance rates going down - Down arrows

Governor Phil Scott announced that the downward trend would continue for these insurance costs. Vermont workers compensation insurance rates are falling for the third consecutive time, announced Governor Phil Scott. The state Department of Financial Regulation approved the rate decrease, which will become effective as of April 1, 2019. Since Governor Scott took office, there have been three straight decreases in the cost of the coverage. The latest Vermont workers compensation rate decrease will represent a total savings of $10.5 million for employers in the state. That said, when that…

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