JCAR OKs New Rule for Large-Deductible Comp Policies

The Joint Committee on Administrative Rules on Tuesday approved a rule to require collateral for large-deductible workers’ compensation insurance policies, effective at the end of December or in early 2017. Part 2909 of Section 155.44 of the Illinois Insurance Code applies to insurers with less than $200 million in surplus, a rating less than A- by A.M. Best Co. or those that have no A.M. Best rating at all. The rule implements Senate Bill 1805/Public Act 099-0369, which Gov. Bruce Rauner signed into law in August 2015. Insurers not exempt from the rule are required to obtain an a...