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…
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Pennsylvania 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 MoreConstruction subcontractors in California applaud announcement by insurance commissioner Jones
California insurance commissioner Dave Jones has made an announcement regarding the 57 felony charges that were laid against a business owner in Millbrae, including workers’ compensation insurance fraud and payroll theft. The California Professional Association of Specialty Contractors (CALPASC) has worked along with the Painting and Decorating Contractors of California (PDCC) and other allied associations, as an element of the LEVEL Program, in order to assist state agencies in the targeting and identification of deceitful construction industry employers who are scamming the state and costing Californians millions of dollars, as…
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 MoreTennessee Legislature to investigate workers’ compensation system
Tennessee’s workers’ compensation insurance system is to be the subject of review this year. State officials, businesses and insurance experts are to examine how the system is working and how it can be improved. Tennessee has seen its fair share of criticism in recent years as several companies claim the state is too unfriendly to business. Governor Bill Haslam has decided to make the workers’ compensation system a primary focus of the state’s Legislature and hopes to solve some of the complaints it has generated in the past. One of…
Read MoreNew task force launched in California to fight against insurance fraud and an underground economy
The California Department of Insurance has announced that it will be joining the Department of Industrial Relations to fight against the state’s emerging underground economy. The two agencies have formed the Labor Enforcement Task Force in order to crack down on the violations against the state’s insurance and labor regulations that are rampant in this offshoot economy. Insurance Commissioner Dave Jones notes that this economy is mostly comprised of businesses who hire employees that are not fit for certain types of work. These businesses often fabricate documents concerning their employees…
Read MoreRates for Florida workers’ compensation to increase by 8.9 percent by 2012
According to Kevin McCarty, the Florida Insurance Commissioner, the insurance rates for workers’ compensation are slated to increase by 8.9 percent, and will do so beginning on January 1, 2012. By giving his approval for the rise in rates, McCarty has simultaneously refused the National Council on Compensation Insurance (NCCI) rate request, stating that there was a flaw in the council’s methodology. Equally, McCarty has denied another increase proposal by the NCCI regarding minimum premiums. Should the NCCI wish to continue to pursue its request, it will need to re-file. …
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