Friday, January 20, 2006
A Respite
Need a respite from serious Insurance and Risk Management discussion? Go to http://writingwomen.blogspot.com or http://pickledpigsfeet.blogspot.com. The authors will tickle your funny bone and calm you like a slow moving brook.
Saturday, January 14, 2006
Hail!!
Our Chairman, John T. Pappas, a Redskins season ticket holder for more than 50 years, had an opportunity on Friday to share his enthusiasm for our team as he sang Hail to the Redskins for News4.
Thursday, January 05, 2006
West Virginia Moves to a Private Workers Compensation System
On January 1, 2006, the West Virginia Workers’ Compensation Commission will cease to exist and be replaced by BrickStreet Mutual Insurance. At first, BrickStreet will be the exclusive insurer in West Virginia. As such, it will be one of the largest insurers in West Virginia. This change leaves only four other exclusive state funds to finance workers' compensation benefits (Ohio, North Dakota, Wyoming and Washington).
The Executive Director of the West Virginia Workers’ Compensation Commission will be the President and CEO of the new insurance company. In a very novel twist to corporate covernance of a mutual insurer, 5 of the 7 Board members are elected by employers insured by the company.
The timing of the transition to private insurance will be as follows: on July 1, 2008, West Virginia’s insurance market will open to all private carriers licensed to do business in West Virginia. BrickStreet will continue to be the sole source of workers’ compensation coverage for all state agencies, boards, commissions, and higher education through 2012. Starting in 2013, these state agencies can purchase coverage from any insurance carrier.
West Virginia allows for a regulated self insured status. This year self insured employers could also adjudicate their own claims. Benefit levels for injured workers remain as before, as will administrative review of claims payments and disputed claims. The regulation of private insurance and self insurance will be transferred to the West Virginia Insurance Commission.
The Executive Director of the West Virginia Workers’ Compensation Commission will be the President and CEO of the new insurance company. In a very novel twist to corporate covernance of a mutual insurer, 5 of the 7 Board members are elected by employers insured by the company.
The timing of the transition to private insurance will be as follows: on July 1, 2008, West Virginia’s insurance market will open to all private carriers licensed to do business in West Virginia. BrickStreet will continue to be the sole source of workers’ compensation coverage for all state agencies, boards, commissions, and higher education through 2012. Starting in 2013, these state agencies can purchase coverage from any insurance carrier.
West Virginia allows for a regulated self insured status. This year self insured employers could also adjudicate their own claims. Benefit levels for injured workers remain as before, as will administrative review of claims payments and disputed claims. The regulation of private insurance and self insurance will be transferred to the West Virginia Insurance Commission.
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