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
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,…
Read MoreWorkers compensation technology is reducing claims frequency
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…
Read MoreFBI investigating country-wide workers compensation fraud scheme
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…
Read MoreVermont workers compensation insurance rates are on their way down
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…
Read MoreCalifornia workers compensation rates are on their way down, but remain expensive
The premiums dropped across the country, but those in the state still come with the highest price. A new study shows that California workers compensation rates have followed the dropping trend seen across the country. The coverage is becoming more affordable nationwide. That said, the Oregon Department of Consumer and Business Services found that California’s rates are still among the highest. California’s rates for workers’ compensation coverage are among the worst in the United States. The department published its Oregon Workers’ Compensation Premium Rate Ranking Summary, a report it issues…
Read MoreDave Jones wants more entries to the California marijuana insurance market
The California Insurance Commissioner has called on insurers to help fill coverage gaps in this marketplace. Insurance Commissioner Dave Jones recently called on insurers to take part in the California marijuana insurance market. The goal is to help to fill the coverage gaps that exist among businesses seeking to grow and distribute this drug. California state law says that medical marijuana is legal, though federal law still considers it illegal. Jones’s announcement was made at the same time that a new workers’ compensation insurance program was launched. Atlas General Insurance…
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