On January 1, The Pennsylvania Insurance Department approved a new workers compensation rate filing which reduced rates an average of 10%. This unusual mid-year rate change was the result of two independent circumstances. The first was an erroneous company report that was filed as part of the November 2017 loss cost calculation. The second was the implementation of Act 111 of 2018, which allows insurance carriers to utilize Impairment Rating Evaluations (IREs) to manage their exposure on certain workers compensation claims.
So, does this change mean you should experience an immediate 10% decrease in your workers compensation premium? Not necessarily. Our white paper explains how this filing will impact you.
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