Insurance Department Approves Corrective Loss Cost Filing, but Questions Remain

The Pennsylvania Insurance Department wasted no time in approving two loss cost reductions, but not before insurers and employers asked for more remedies to what has become a thorny problem for ratemakers. Just days after the public comment period closed, Insurance Commissioner Jessica Altman announced Friday that the department had approved two filings by the Pennsylvania Compensation Rating Bureau that together will amount to a 14.74% decrease, starting Jan. 1. One filing is in response to the Pennsylvania legislature’s action in October, which restores the use of the sixth editi...