Ratings agency to watch for COVID-19-related premium adjustments
- August 10, 2024
- Posted by: Web workers
- Category: Workers Comp
To comply with the California insurance commissioner’s directive to monitor the effect of COVID-19 claims on premium costs, the Workers’ Compensation Insurance Rating Bureau of California issued a notice Wednesday that it will be modifying its quarterly call to collect information on member COVID-19 premium charges in 2021 and later policies.
Under an order attached to the WCIRB’s Jan. 1, 2021, pure premium rate filing, the commissioner stated that insurers “shall submit any rate component and/or rating plan that includes an adjustment for COVID-19; the filed rates and rating plans in 2021 shall reflect the expected cost of COVID-19 claims on the policies to which they apply and be clearly identified in the rate filings submitted” to the Department of Insurance.
The commissioner also directed the WCIRB to collect “data of aggregate premium charged for any rate component and/or rating plan that includes an adjustment for COVID-19.”
More insurance and workers compensation news on the coronavirus crisis here.
