The Indiana Compensation Rating Bureau (ICRB) is a statutory rating organization. It is a private non-profit, unincorporated association of all insurance companies licensed to write workers compensation insurance in Indiana.
The law empowers the ICRB to gather information from its member companies that may be necessary to establish fair and adequate advisory rates. In addition to the data collection and ratemaking functions, the ICRB is responsible for various workers compensation programs: rules promulgation, experience rating, inspection and classification, assigned risk administration, industry education, and dispute resolution.
News and other interesting stuff.
1. Senate Enrolled Act 294 (posted 04/16/14)
This bill is a follow-up to last year’s House Enrolled Act 1320. The bill, effective July 1, 2014, allows corporate officers to exempt themselves from WC coverage. For more information, please see ICRB Circular 2014-04.
2. INSafe Assessment (04/16/14)
The Indiana Department of Labor (“DOL”) is assessing all WC carriers for the special fund used for safety and health consultation. Payment is due May 1, 2014. For more information, please see ICRB Circular 2014-05.
3. Approved Advisory Rate Filing Effective January 1, 2014 (10/11/13)
(IDOI "Filed” via SERFF on 10/10/2013 which completes the approval process)
- To view the January 1, 2014 rate filing circular (PDF) >Click Here<
- To view the January 1, 2014 rate filing document (PDF) >Click Here<
- To view the January 1, 2014 Rate Pages (PDF) >Click Here<
2. ICRB Annual Report and NCCI Outlook and Observations (10/02/13)
Big facts. Few words. Easy on the eyes. Both the ICRB 77th Annual Report (updated 01/19/14) and the NCCI “Indiana Outlook and Observations” report await your perusal.
4. House Enrolled Act 1320 (07/10/13)
HEA 1320 contains provisions effective both July 1, 2013 and July 1, 2014. Here’s a quick summary:
- Medical Fee Schedule - reimbursement at 200% of Medicare, effective July 1, 2014
- Repackaged Drugs - prices limited to average wholesale price, effective July 1, 2013
- Benefit increases phased in over 3 years
- Legislative “interim study committee on insurance” will review additional reimbursement issues
- Impact on WC system costs - between -2.3% (-$16 million) and -0.7% (-$5 million)
- $2 per policy fee – paid by carriers and due by July 31, 2013
- Short and long term policies now permitted
- Bureau policy data is confidential
For additional information, please see ICRB Circulars on HEA 1320: