Beginning January 1st of this year Insurance Commissioner Dave Jones has authorized changes on how the experience modification is calculated. The formula now excludes the first $250 of each claim from the experience modification calculations. This is meant to encourage the reporting of all small and medical claims. The experience modification for 2019 will include all claims that occurred during the 2015, 2016, 2017 policy periods.
This should help reduce your experience modification in 2019 if you have had reported claims below $250 reported on to your workers’ compensation provider.
For additional information, please click on the link below for the WCIRB:
If you have any questions or concerns, please feel free to contact us.
Paul Hanson Partners: 800-852-1968