The Pennsylvania Insurance Department has received two mid-year workers’ compensation loss cost filings with a proposed effective date of January 1, 2019, from the Pennsylvania Compensation Rating Bureau (PCRB). The department stated in a press release that it plans an immediate review of these new filings.
“Workers’ compensation insurance is vital to protect workers hurt on the job and make sure they get the medical care they need. At the same time, this is a cost for businesses, and that cost must be calculated with accurate information,” Pennsylvania Insurance Commissioner Jessica Altman said in the release. “For these reasons, our department will be prioritizing our review of these filings to make certain our insurers and employers are using the correct information and rates are set appropriately.”
It follows in its first file the decision of the Governor Wolf to sign Article 111 and the decision of the Supreme Court of a State to decide on how the rights of disability are dealt with in the workers’ cases. PCRB, an independent office that applied to the Insurance Department on behalf of the approximately 325 companies that wrote the insurance of workers in Pennsylvania, provided a 5.24% reduction in total loss costs as a result of this new law. Loss costs are part of insurance rates.
At the same time, the PCRB fills another mid-year loss cost revision to replace an earlier loss cost document introduced in November 2017, which came into force on 1 November 2018. In late October 2018, the PCRB determined the need to make changes in filing. Reported to the Insurance Department. Since then he has prepared new filing. This filing involves a 10.02% decrease in total loss costs. Changes in loss costs affect insurers and employers in different ways, so it is not possible to say how this problem has affected the wages paid by employers since 1 April 2018.
“As soon as we learned this, we started working with the PCRB to encourage a new application with the department, so we can start our review and approval process as soon as possible. Alt ”We started investigating the problem immediately and we will take appropriate action when the investigation is complete.“
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