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February 2013

California – WCIRB Upcoming Meeting Will Affect Certain Employers

WCIRB Upcoming Meeting Will Affect Certain Employers Heavily The upcoming meeting of WCIRB in California may be one to mark on your calendar if you own one of the below listed companies.  The WCIRB may change some classification  codes depending on a meeting on March 5th.  The WCIRB is California’s rating agency for

Medical Fee Schedules Virginia Inaction Cost Employers 13%

Medical Fee Schedules – Virginia Legislature Moves On To Other Things Virginia’s decision on medical fee schedules will cost the state’s employers dearly.  The Virginia State Legislature decided to not act on fixing their Worker Comp medical fees.  As I pointed out in previous posts, Virginia is one of the

Sequestration – Any Effect on Workers Comp?

Workers Comp Sequestration  The Sequestration  has made the rounds in the press as almost a doomsday scenario.  Is there going to be any lasting effect on Workers Comp if the imaginary fiscal cliff is reached? Workers Compensation insurance profitability has centered on long term investment returns by the insurance carriers.  As long term

Self Insureds – Do You Know If Your Excess Insurer Has Been Notified?

Self Insureds Need To Monitor Excess or Reinsurer Notification Do you know if your self insureds has been notified? Workers Compensation excess insurance (reinsurance) can often go unnoticed in all the inner workings as a file progresses towards its conclusion.   A reinsurer denying coverage because they were never put

Payroll Audit Increased Policy Cost By 150% – Five Scenarios

Payroll Audit Increased Policy Cost Significantly  Below are five scenarios why your payroll audit may have increased policy cost. I received this question earlier this week from a California .  A related question on policy premium is here. We had switched agents and carriers as our company was offered a

Staci Meyer Named New Chairwoman of NC Industrial Commission

Staci Meyer Named New Industrial Commission Chairwoman Governor Pat McCrory very recently appointed Staci Meyer as Chairwoman of the NC Industrial Commission.  She replaces Pamela T Young, who resigned in January of this year.    A short bio on Chairwoman Meyer:  She earned an undergraduate degree at Clemson University in

North Carolina State Auditor Expected Results @ NCIC

North Carolina State Auditor Finds Expected Errors At Industrial Commission Workers Compensation uninsureds in North Carolina have been a hot button topic for many months since a newspaper reporter found 30,000 employers without coverage for their employees.   A recent audit was released by the NC State Auditor’s department on

Insurance Policy Quote Something Does Not Seem Right

My Insurance Policy Quote Seems Off  My Insurance Policy quote does not seem right.  Workers Comp insurance quotes can cause a few sleepless nights.  We usually get emails and calls right after an employer receives their quote for the next years’ WC coverage.  This emailed question seemed to be different

West Virginia Premium Auditor Charged With Fraud

West Virginia Premium Auditor Colludes With Employer A West Virginia premium auditor who had worked for Brickstreet was charged with fraud.  Brickstreet had taken over the monopolistic West Virginia Fund in 2006.  The auditor had worked for them since day one.   Please note this is no reflection on Brickstreet as

Reinsurance/Excess Insurance Market Hardens

Reinsurance Market No Longer Soft The reinsurance/excess Insurance Market has started to change from a commodity marketplace.  The excess insurance market is usually the bellwether for the rest of  the marketplaces. Reinsurance/Excess Insurance is basically defined as a risk management technique.  The employer will purchase this type of insurance to

Experience Modification Factor (E-Mod/X-Mod) Question

The Experience Modification Factor Basics A great Experience Modification Factor Factor email came in last week.. Our E-Mod has changed a large number of times over the last year.  Why does our E-Mod keep changing?  How many times can an E-Mod change in a policy year?  I actually paraphrased the

Workers Compensation Premiums – An Investment?

Workers Compensation Premiums Are An Investment Workers Compensation premiums of any type are almost always viewed as an expense.  I actually changed my career path due to the question in the title.  Workers Compensation premiums should be viewed as an investment, whether a company pays premiums or is self-insured. Mark

Are Workers Comp Payments Taxable?

Workers Comp Benefits Not Taxable In Most Cases Are Workers Comp Payments Taxable In Most States?   We receive many emails each month from employees and employers on this very subject. The tax liability of Workers Comp payments seems to ramp up this time of year when the tax filing

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