The largest employment compensation insurance company in Pennsylvania is the latest to submit a retroactive correction to their policyholders' work compensation.
The state-owned employee insurance fund in Scranton, Pennsylvania, which writes about $ 175 million in coverage, has filed a plan to correct employer's fees for their employees' complications written between April 1, 2018 and December 31, 2018.
At the end of October , The Pennsylvania Compensation Ratings Bureau, which makes filing to the State Insurance Department on behalf of the nearly 325 state-owned insurance companies, proposed a proposed 5.24% reduction in total loss costs. The review of the loss costs was due to the resumption of the law 1
The Pennsylvania Insurance Department endorsed the Declaration Agency's revised loss-making applications mid-year, and the Insurance Commissioner has urged the insurers to act to replace companies that were overcharged due to the filing application of previous grants, a department spokesman said.
In addition to SWIF, four insurance groups, including 16 individual insurers, have submitted plans so far with the insurance department to retroactively correct fees to their policyholders. In total, these insurance companies write about $ 88 million in state interoperability.