Call or email us anytime
(805) 484-0333
Search Guide
Today is Friday, March 29, 2024 -

News Articles

Rate Bureau Goes Beyond Protz Fix, Files for 14.74% Decrease

  • State: Pennsylvania
  • Topic: NORTH
  • - Popular with: Legal
  • -  0 shares

The Pennsylvania Compensation Rating Bureau, acting sooner than many had expected, has recommended a 14.74% loss cost reduction, just two weeks after the governor signed House Bill 1840, known as the "Protz fix" law.

Commissioner Jessica Altman

Commissioner Jessica Altman

State Insurance Commissioner Jessica Altman promised swift action on the filings. 

"Our department will be prioritizing our review of these filings to make certain our insurers and employers are using the correct information, and rates are set appropriately,” Altman said in a news release Wednesday.

The Rating Bureau made two filings late Tuesday. One, in response to the Protz fix, amounts to an overall average decrease of 5.24%. It would countermand a similar increase in rates filed early this year after the state Supreme Court struck down the use of the "latest edition" of the American Medical Association's impairment rating guides.

The court ruling returned the state to the fourth edition of the guides, which allows for higher impairment ratings for many injuries. The Protz fix law restores the use of the sixth edition and is expected to save Pennsylvania employers millions of dollars per year.

The Rating Bureau's second filing on Tuesday, dubbed "the interim loss cost filing," seeks to correct a loss cost increase that was based on erroneous 2016 data from a rate bureau member, the filing said. It would amount to an average loss cost reduction of about 10%.

Altogether, compared with the April 2018 approved filing, the filings would amount to a 14.74% decrease.

If approved by the Pennsylvania Insurance Department, the filings would take effect Jan. 1, 2019.

No Comments

Log in to post a comment

Close


Do not post libelous remarks. You are solely responsible for the postings you input. By posting here you agree to hold harmless and indemnify WorkCompCentral for any damages and actions your post may cause.

Advertisements

Upcoming Events

  • May 13-15, 2024

    NCCI's Annual Insights Symposi

    Join us May 13–15, 2024, for NCCI's Annual Insights Symposium (AIS) 2024, the industry’s premier e …

  • Jul 29 – Aug 2, 2024

    76th Annual SAWCA Convention

    SAVE THE DATE! 76th Annual SAWCA Convention July 29 – August 2, 2024 Hotel Effie Sandestin 1 Grand …

  • Aug 14-17, 2024

    CSIMS 2024 Annual Dual Track C

    California Society of Industrial Medicine and Surgery (CSIMS) is combining its two conferences, PI …

Workers' Compensation Events

Social Media Links


WorkCompCentral
c/o Business Insurance Holdings, Inc.
PO Box 1010
Greenwich, CT 06836
(805) 484-0333