Employers could get another round of rate reductions after notification by the Department of Insurance that insurers no longer will be forced to pay assessments into the Second Injury Fund.
Lawmakers who enacted 2007 reforms mandated that the SIF be abolished effective July 1, 2013, and closed to new claims for injuries occurring on or after July 1, 2008.
In the past five years, insurers were required to pay assessments totaling $60 million annually to retire the SIF’s unfunded liabilities. The assessments were passed along to employers in the form of higher rates.
The Department of I...
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