The Insolvent Carrier Ate My Claims Experience By Robert Warne - February 25, 2004
The Workers’ Compensation Insurance Rating Bureau (WCIRB) has responded to the Insurance Commissioner’s request to develop an advisory rating plan for companies once insured by an insolvent carrier.
The advisory provides guidelines that a carrier can use to adjust premium charges for a company whose claim experience data was sucked into the black hole of insolvency.
With input from insurers, the California Department of Insurance (CDI) Administrative Hearing Bureau, and the representative of the public members of the WCIRB governing committee, the WCIRB has developed the advisory Insolvent Insurer Rating Adjustment Plan.
The plan is advisory in that insurers are neither required nor obligated to use it in developing their own underwriting rules and rating plans. Though not subject to the insurance commissioner's approval, the plan has been submitted to the insurance commissioner for review.
Adjuster / Examiner Claims Examiner Santa Ana Unified School District Santa Ana, CA
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