Requirement to File Loss Cost Statistical Data for Workers' Compensation Insurers
[26 Pa.B. 3227]
On June 24, 1996, Governor Tom Ridge signed into law Senate Bill 801, which reforms the workers' compensation laws in Pennsylvania. Now known as Act 57, this law includes a requirement that all insurers writing workers' compensation insurance in the Commonwealth shall file certain loss data with the Pennsylvania Compensation Rating Bureau (PCRB) and Coal Mine Compensation Rating Bureau (CMCRB). Act 57 mandates that this information be filed with the PCRB and CMCRB no later than September 7, 1996. A failure to file timely and accurate data will result in appropriate enforcement action by the Insurance Department. The Insurance Commissioner is authorized to levy a fine of $1,000 for every day that an insurer does not provide the required data.
Companies reporting to the PCRB should provide the following:
1. 1995 Schedule W data;
2. Unit Statistical Plan Reports--through policy year 1993;
3. Financial data for policy years up to 1994, including experience through Dec. 31, 1995.
Companies reporting to the CMCRB should provide the following:
1. Unit Statistical Plan Reports, valued as of April 30, 1996, for calendar accident year 1995.
Insurance companies are urged to take all necessary steps to comply with this law.
Questions should be directed to Randy Rohrbaugh, Director, Property and Casualty Bureau, 1311 Strawberry Square, Harrisburg, PA 17120, (717) 787-4192.
LINDA S. KAISER,
[Pa.B. Doc. No. 96-1111. Filed for public inspection July 5, 1996, 9:00 a.m.]
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