Gov. Kathy Hochul vetoed a potentially disruptive change to New York’s workers’ compensation laws. The bill would have changed the definition of temporary total disability in a way that would have increased workers’ compensation premium costs for businesses across the...
N.J.: Court ruling may affect duty-to-notify regarding workers’ compensation for LLCs
The Supreme Court of New Jersey issued an opinion last month that directly impacts the way insurance producers must handle workers’ compensation for limited liability companies. The court held in the case of Holm v. Purdy that insurance producers have an ongoing duty...
N.Y.: Understanding a legislative proposal to disrupt workers’ compensation
A bill passed late in the 2022 New York legislative session (S.768/A.1118) proposes a change to the definition of temporary total disability as used in workers’ compensation policies in New York state. This technical change would alter the consideration of temporary...
N.J.: 2023 WC overall rate level decreases 6.1%
The New Jersey Compensation Rating and Inspection Bureau received approval from the Department of Banking and Insurance for a rate revision of -6.1% to become effective Jan. 1, 2023, applicable to new and renewal policies. The NJCRIB distributed Circular Letter No....
NCCI 2023 WC loss cost decrease of 3% approved in Connecticut
The Connecticut Insurance Department approved the proposed workers’ compensation loss cost filing made by the National Council on Compensation Insurance, consisting of an overall 3% decrease. Also approved is an overall assigned risk rate change of 0%. These loss...
NHID approves NCCI 2023 WC loss cost decrease of 7%
The New Hampshire Insurance Department approved the original workers’ compensation voluntary loss cost filing made by the National Council on Compensation Insurance, consisting of an overall 7% decrease. In addition, a decrease of 7% of the overall assigned risk rates...
N.Y.: Revised WC loss costs take effect 10/1/22
In May, an application for an overall loss cost decrease of 8.7% was submitted to the New York Department of Financial Services by the New York Compensation Insurance Rating Board. The DFS approved the application as filed with an effective date of Saturday, Oct. 1,...
N.Y.: WC insurance available to businesses with outstanding balance through NYSIF
At the end of June, Gov. Kathy Hochul signed legislation into law that directly impacts businesses with outstanding unpaid balances with the New York State Insurance Fund. What does the new law do? Under the new law (S.9096/A.10078), which goes into effect...
Contractual risk transfer, ethics, WC and captives—four arenas that should be familiar
In the commercial-lines insurance industry, insurance agents are responsible for staying abreast of their clients’ risks and exposures, on industry trends and on best practices for representing their agency, their carriers and their customers. Stay prepared When it...
Vt.: DFR approves NCCI 2022 4.9% WC loss cost decrease
The Vermont Department of Financial Regulation approved the original workers’ compensation voluntary loss cost filing made by the National Council on Compensation Insurance, consisting of an overall 4.9% decrease. In addition, a decrease of 5.6% of the overall...