California Gov. Gavin Newsom signed insurance bills that will affect insurance agent licensing and bonding procedures. S.B. 1242 requires mandatory training that agents and brokers must complete to receive or renew a license, including at least one hour of study on insurance fraud. The law also requires them to report suspected fraudulent applications for coverage to the Department …
The workers compensation market will likely experience its eighth year of profitability, yet there remain issues that could affect the future of comp, according to a report released Tuesday by Chicago-based Risk Placement Services Inc. Among the highlights, insurers will continue to see rate decreases through the remainder of 2022, anticipating a slowing of the …
Comp outlook good for 2022 despite areas of concern: Report Read More »
Bermuda-based insurer and reinsurer SiriusPoint Ltd. said Wednesday it has teamed with Insurate, a newly launched insurtech managing general agent to offer workers compensation insurance to companies with above-average safety performance. The partnership will offer coverage to companies in medium- to high-hazard industries such as manufacturing, transportation, energy and construction, SiriusPoint said in a statement. …
SiriusPoint partners with insurtech to offer workers comp insurance Read More »
Citing wage inflation and increasing medical costs, the Washington State Department of Labor and Industries on Tuesday announced it is proposing a 4.8% increase in the average price of workers compensation insurance for 2023. If adopted, the increase would mean employers and workers would jointly pay an additional $61 a year, on average, for each …
Washington comp regulators propose 4.8% rate hike for 2023 Read More »
A group of insurance companies is asking the Florida Division of Administrative Hearings to analyze the validity of proposed hospital reimbursement rules and determine whether the methods used by the Division of Workers’ Compensation to establish maximum reimbursement allowances were “arbitrary and capricious.” Normandy Insurance Co., Zenith Insurance Co., Bridgefield Employers Insurance Co., Bridgefield Casualty …
Insurers challenge proposed hospital inpatient payment rules Read More »
Pie Insurance, an insurtech specializing in workers compensation insurance for small businesses, said Wednesday it raised $315 million from investors to fund its growth and expansion into new lines of business. The Series D round of funding was led by Centerbridge Partners and Allianz X, the digital investment arm of Allianz Group, Pie said in …
The elimination of a metric for diagnosing mental disorders from the American Medical Association’s guide on disability ratings is a welcome change for those addressing workers compensation mental injury claims, experts say. An analysis released Sept. 12 by the National Council on Compensation Insurance said the effects of changes made last year to the AMA’s …
‘Problematic’ measure removed in mental health guide for comp claims Read More »
An appeals court in Arkansas upheld a finding that a worker’s injury was causally linked to her tooth decay and her subsequent need for dental implants. However, the court ruled she was not entitled to recover the cost of the surgery to extract her upper teeth, because she had not sought preauthorization. Tara Rowland was …
Worker establishes need for dental implants following assault Read More »
The U.S. Department of Labor said last week that it is expanding the criteria to place employers into the Occupational Safety and Health Administration’s Severe Violator Enforcement Program. The program, which focuses on employers that repeatedly violate federal health and safety laws or refuse to correct violations, has broadened the criteria to include any OSHA …
Criteria expanded to place employers in OSHA severe violator program Read More »
The U.S. Occupational Safety and Health Administration on Friday announced it has cited Manchester, Connecticut-based Phoenix Environmental Laboratories Inc. for allegedly exposing employees to a carcinogen. OSHA cited the lab for six willful violations, 10 serious violations and one other than serious violation and proposed a total of $907,253 in penalties. The company has 15 …
Environmental lab faces $907k in fines related to carcinogen Read More »