UNIT STAT Date – Very Important Planning
I had mentioned the UNIT STAT date and report in May 2008. It is worth mentioning again as it is one of the most important reports in all of Workers Comp insurance. The name was shortened from Unit Statistical Date.
The UNIT STAT date is the actual date that the reserves/total incurred is used to calculate your E-Mods. It is not the policy renewal date. We have seen agents, adjusters, and even some underwriters become so very concerned about an employer’s Workers Comp policy during the last month of the policy.
Other than marketing for the insurance company, the last month of a Workers Comp policy is a useless time to do anything in regards to reducing the reserves on a file.
The report is filed by your insurance carrier with the State Rating Bureau or NCCI to calculate your Experience Mod. The UNIT STAT report is one of those kind of “hidden” factors that figures into your Workers Comp policy.
Do not wait until your Workers Comp policy expires to start working on your workers comp reserves. Start three to four months before your UNIT STAT date.