Around the PIA Western Alliance – Week of October 14, 2024
Published October 15, 2024 at 2:03 PM · News Releases and Bulletins
Idaho — Work Comp Rates: The Idaho Department of Insurance has approved a 6.7% drop in workers compensation rates. The new rates will go into effect on January 1st.
Insurance Commissioner Dean Cameron said this is becoming a trend as the department has reduced rates for the last eight years. “This is another significant decrease to workers’ compensation rates. Rates have been on a downward trend for 10 out of the past 11 years,” Cameron said.
The National Council on Compensation Insurance (NCCI) is also advising the Idaho Department of Insurance to reduce the assigned risk market surcharge by 10%. The suggestion is to drop it from 60% to 50%.
No word yet if that suggestion has been approved.
Source link: Insurance Business America — https://bit.ly/3zYc3Jk
Montana — Commissioner Downing Looking for Insurance Innovation: Montana Commissioner of Securities and Insurance (CSI), Troy Downing has launched a new program to help employers with education and training resources. His goal is to give waivers of up to $10,000 to help them from the financial impact that comes with premium audits.
“We were pleased to approve the innovative approach by Montana State Fund to helping their insureds,” Downing said. “Montana is open for innovation, and the CSI looks forward to approving other creative ideas that help Montana insureds and small businesses.”
Source link: Insurance Business America — https://bit.ly/3Y1Njb0
Oregon’s Great Shakeout — The Northwest Insurance Council has sent out a news release reminding Oregonians to be prepared for the Great Shakeout. Here’s what it suggests you advise your clients.
The drill will be done on Thursday, October 17, at 10:17 a.m.
Here’s what you need to share with your clients:
• A standard Homeowners insurance policy does not cover damage from an earthquake or floods from a tsunami, but separate coverage is generally available.
• Damage to vehicles caused by earthquakes is covered if owners add optional Comprehensive Coverage to their auto policies.
• A complete home inventory of your possessions will help you and your insurance company get through the claims process more quickly.
Click this link for more information — https://bit.ly/3NrAsKl
Oregon — Driver Education Course completion certificate changes: The Oregon DMV requested that issuers of auto insurance policies be made aware of the following information. If you have questions, contact ODOTEMail@odot.oregon.gov.
What is changing?
Effective Oct. 14, 2024, Transportation Safety Office (TSO) will stop issuing plastic completion cards. Instead, ODOT-approved driver education providers will send electronic course completion certificates directly to DMV within five business days of course completion.
How does this impact auto insurance issuers?
Plastic completion certificates issued before Oct. 14, 2024, remain valid for two years. Students completing a driver education course on or after Oct. 14, 2024, will no longer be able to present a plastic completion certificate. Instead, they may receive proof of completion from their driver education providers. The appearance of these proofs of completion issued by the driver education providers will vary based on the provider. They may look like the certificates currently given to students over 18 and those who complete a course after receiving a license. Insurance issuers who question the validity of a certificate are encouraged to reach out to the named driver education provider for confirmation.
Click here to review this memorandum:
Oregon — The Oregon Division of Financial Regulation has issued a bulletin regarding Paid Leave Oregon as an “Other Benefit” that reduces Short-Term Disability: This bulletin provides updated guidance on the Division of Financial Regulation’s (DFR) expectations of insurers who write Short Term Disability policies, in light of the recent implementation of the Paid Leave Oregon program. This bulletin replaces the current bulletin under Bulletin No. DFR 2024-1, which was published January 25, 2024.
Guidance
If the terms of a Short-Term Disability (STD) policy allow the insurer to reduce STD benefits due in any part to the availability of Paid Leave Oregon benefits, all plan documents must clearly and conspicuously inform consumers that:
1. They might be eligible for leave benefits under the Paid Leave Oregon program;
2. The insurer might require the consumer to apply for Paid Leave Oregon and, if so, the extent to which the person must pursue their Paid Leave Oregon application (such as, “through the highest appeal level,” as set forth above), and;
3. The extent to which STD benefits will be reduced on account of Paid Leave Oregon benefits received by the worker.
Click here to review this bulletin: