State Insurer Lowers Rates

May 16, 2024

State Insurer Lowers Rates

  • The Maine Bureau of Insurance has approved a 15% rate decrease by Portland-based MEMIC.
  • The workers’ comp rate reduction should save Maine employers $31 million in costs.
  • The initial proposed rate decrease was lower, but the Bureau scrutinized costs to boost the savings.
  • The higher rate decrease may mean lower dividends for policyholders, warns MEMIC’s CEO.
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PTSD Bill Sparks Concern

  • A recently passed bill providing benefits for first responders is raising some flags.
  • Legislation passed by the Pennsylvania House provides workers’ compensation for post-traumatic stress syndrome.
  • A former firefighter says the bill, as currently written, does not provide the resources for first responders to get the benefits right away.
  • He is also concerned that his township will not be able to obtain insurance coverage. Or rates may increase.
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Insurer Goes Hard to Work

  • An insurance company is getting support from Colorado’s Pinnacol Assurance to offer new workers’ compensation coverage.
  • Everpeak Insurance will provide offerings for employers in difficult spaces such as HVAC and concrete.
  • Everpeak’s products are already available in several states.
  • High risk employers have difficulty finding workers’ comp coverage and frequently have to get insurance through state funds.
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PA to Introduce Workers’ Comp Bill

  • Two Pennsylvania lawmakers want to make workers’ compensation payments more accessible.
  • The bill will allow injured workers to get payments via direct deposit or require employers to offer it.
  • Paper checks tend to get delayed, lawmakers say.
  • The Workers’ Compensation Advisory Council recommends the changes.
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New DOL Rule May Put Black Workers at Risk

  • The new Department of Labor rule addressing independent contractors, may have a disparate impact on African American financial advisors.
  • The Association of African American Financial Advisors says that 26% of its members, who operate independently will be negatively affected by the rule.
  • DOL makes it more difficult for employers to classify employees as independent contractors.
  • In addition to other challenges, the change to an employee will increase business expenses, increasing fees on clients.
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