Workers’ comp changes on the horizon
Spring will bring additional changes to the state’s workers’ compensation market. In addition to the April 1, 2018 loss cost filing reported in Agent Headlines last week, the Pennsylvania Compensation Rating Bureau (PCRB) recently announced its submission of an F-classification rate filing and approval of a new mandatory endorsement. Both carry effective dates of April 1, 2018.
PCRB Filing C-371 proposes an overall average rate decrease of -9.97 percent. The filing incorporates an adjustment for the Pennsylvania Supreme Court decision in Protz v. WCAB. Per Circular No. 1694:
The United States Longshore and Harbor Workers’ Compensation Coverage Percentage, currently 74.43 percent, is proposed to change to 60.68 percent, and the tax multiplier applicable to the F-Classification business is proposed to change from 1.1226 to 1.0867.
The PCRB announced in Circular No. 1692 that the Pennsylvania Insurance Commissioner approved Filing No. 289. The filing establishes a new mandatory endorsement – the Notification of Change of Ownership (WC 00 04 14) – which will be required on new and renewal policies.