Correction To Your E-Mod Can Be Difficult and Delayed
Your E-Mod can be corrected. The deck is stacked against you when you want to correct your company’s Workers Compensation Experience Mod.
The reasons:
- You can correct what has happened with your credit experience far into the past. You cannot, and this is an important point, correct your Workers Comp reserves except for the current year. No insurance carrier will allow a correction of the reserves into prior policy periods.
- If you decide to correct your credit score, what you do today counts for today. In Workers Compensation, your current efforts will not show up for approximately three years. Patience is an important virtue with Workers Comp.
- You have a credit bureau that will assist you if you have a problem, even if the creditor is not cooperating. You must deal with your carrier to report the proper information to your State Rating Bureau or NCCI. Do not expect your State Rating Bureau or the NCCI to correct your information. They will only report what the insurance carrier reports.
- Due to federal regulations, your credit report is easier to read than in the past. Your Experience Mod rating sheets can be very confusing when trying to decipher them. 2018 update – The WCIRB California Rating Bureau has allegedly simplified the Experience Rating Sheets. Check out their new simplified EMR rating sheets.
- 2018 Update – there have been a few times where the reserves on prior loss runs or policies were adjusted by the carrier and reported to the rating bureau with corrections. Many of them involved some type of litigation status.
There are others, but these are the major concerns/complaints that we receive from employers. I may add in more examples over the next few days.
Next Up – The Top 10 Questions We Receive
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