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Around the PIA Western Alliance States

Posted By Administration, Wednesday, August 12, 2015

California — Work Comp Rates Double-Digit

Workers’ compensation premiums in California continue to rise at double-digit speed. The Workers’ Compensation Insurance Rating Bureau (WCIRB) came to that conclusion in its annual State of the California Workers’ Compensation Report.

It looks at trends for the last few years and its authors call the 2012 reforms a “mixed bag” of success. It also notes California’s work comp system is massive and the largest in the nation.

Premiums are 12% of the national total of premiums.

Economic expansion and growing wages and the highest permanent disability claims are part of what accounts for the state’s growing premium rates. The high cost of delivering benefits and high medical costs are in there, too.

Employers are now paying less than half what they were paying before the 2003 reforms but they’re still very high. Last year they were $3.48 per $100 of payroll. The number-two state is Connecticut and its rates are 61-cents lower.

As for how well the reforming SB 863 has done: “Senate Bill No. 863 impacts have generally been emerging consistent with initial WCIRB projections with potentially greater-than-projected savings in medical cost reductions offset in part by less-than-projected savings in reduced frictional costs.”

Source link: insurancejournal.com

 

Montana — Uber Applies

The Public Service Commission has approved rules to give licenses to ridesharing firms like Uber and Lyft. The rules come from instructions from a bill passed by the Legislature and signed into law by Governor Steve Bullock.

Uber has now applied.

The rules are controversial. Taxi firms claim the rate rules in the state for them set up an uneven playing field. Some commission members agree and think the Legislature needs to come up with a fix.

Source link: The Washington Times

 

Nevada — Ridesharing Rules

Nevada’s Transportation Authority has submitted 15-pages of draft rules for ridesharing companies. They were given to the Legislative Council Bureau.

Public hearings are next followed by approval of members of the Legislature who are on the Legislative Commission.

The draft rules include a $300,000 application fee and a 1% levy on annual operating revenues. Drivers — the rules say — will be tagged with a $50 fee to operate in year on and $10 every year after.

Source link: insurancejournal.com

 

Washington — Kreidler Concerns

This from the Washington Department of Insurance.

Insurance Commissioner Mike Kreidler is alerting Washington consumers to be wary of any solicitation from the Pay My Deductible Club, which offers to pay your auto insurance deductible if you are involved in an accident.

Several payment options, including a lifetime membership, are offered to join the club and become eligible for the deductible payments.

The company claims to be based in Beverly Hills, CA. However, the firm is not licensed in Washington and is not authorized to do business here.

Although the company claims its deductible benefit is not insurance, the commissioner sees otherwise. To offer this product in Washington, the firm would need to apply for and receive approval to operate as a property and casualty company.

Other states have also alerted consumers about Pay My Deductible.

Some tips to consider if you do receive a solicitation from Pay My Deductible or any other company seeking to sell you an insurance product or one that sounds like it could be insurance:

 

• Check the Washington Secretary of State’s website to see if the company is registered. https://www.sos.wa.gov/corps/corps_search.aspx

• Search our website to determine if the company is authorized to sell insurance in Washington. http://www.insurance.wa.gov/consumertoolkit/search.aspx

• Check the company’s website. If you get an error message such as “under construction” or that the security certificate is registered to another entity, consider those red flags.

• Don’t give out any bank account information if you are suspicious about a company.

• If you've received an offer for this product, please contact our office and we’ll investigate.

Tags:  Around the PIA Western Alliance States  Insurance Content  Insurance Industry  Insurance News  Weekly Industry News 

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