Insurers, Trade Groups Support Litigation Financing Reforms

• More than 40 insurance companies and industry trade groups are supporting proposed U.S. tort reforms that they say would close a tax loophole for third-party litigation financing.
• The loophole is one of the issues addressed in H.R. 3512, also known as the “Tackling Predatory Litigation Funding Act,” introduced last month.
• The proposed bill would amend Subtitle D of the IRS Code of 1986 to impose a tax on the profits earned by third-party litigation financiers.
• Litigation financing has been described by structured settlements provider JG Wentworth as “a vital option” for injured workers who might face financial hardships due to medical expenses and loss of income.
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Hawaii, New Jersey Shown With Highest WC Rates

• Hawaii and New Jersey topped the rankings for the highest workers’ compensation rates found in Oregon’s Department of Consumer and Business Services.
• A biennial DCBS study ranks all 50 states and Washington, D.C., based on premium rates that were in effect Jan. 1, 2024.
• Researchers calculated rates for each state using the same mix of the 50 industries with the highest workers’ comp claims costs in Oregon.
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