The State Workers Insurance Fund (SWIF), Pennsylvania’s largest writer of workers comp insurance, has filed a plan to retroactively correct charges to employers for their workers compensation policies written from April 1 to Dec. 31, 2018.
In December, the Insurance Department approved the Pennsylvania Compensation Rating Bureau’s (PCRB) mid-year loss cost revision filing. The petition modified PCRB’s April 1 filing. The filing, made on behalf of the nearly 325 companies that write workers comp insurance in the state, was used to determine workers comp insurance rates for Pennsylvania businesses.
Insurance Commissioner Jessica Altman urged insurers to reimburse any businesses that were overcharged because of PCRB’s April filing. Reimbursements are based on claims experience and job classifications.
“As the largest workers’ compensation insurance carrier in the commonwealth, it is imperative that we fairly and accurately charge businesses to provide this vital insurance protection for Pennsylvania workers,” Labor and Industry Secretary Jerry Oleksiak said. “We plan to revise and retroactively correct the rates applied to SWIF policyholders during this timeframe to make businesses impacted by this rate change whole.”
Four insurance groups, including 16 individual insurers, previously filed plans to provide reimbursements retroactively. Collectively these insurers write approximately $98 million in workers comp insurance.