WCRIBMA’s Circular Letters No. 2353, No. 2354, No. 2355 and No. 2356
WCRIBMA’s Circular Letters No. 2353, No. 2354, No. 2355 and No. 2356 The Massachusetts Workers’ Compensation Rating and Inspection Bureau has issued:
CAR Bulletin No. 1090 – New RMV Registration and Title Application
CAR Bulletin No. 1090 – New RMV Registration and Title Application According to Commonwealth Automobile Reinsurers (CAR) Bulletin 1090, the Registry of Motor Vehicles has requested that CAR issue a bulletin to advise industry participants of the RMV’s new Registration and Title Application (RTA).
CAR Bulletin No. 1088 – Withdrawal of Occidental Fire & Casualty Insurance Co. of NC from the MA Private Passenger Auto Insurance Market
CAR Bulletin No. 1088 – Withdrawal of Occidental Fire & Casualty Insurance Co. of NC from the MA Private Passenger Auto Insurance Market According to Commonwealth Automobile Reinsurers (CAR) Bulletin 1088, dated October 7, 2019, the Division of Insurance (DOI) notified CAR that the Occidental Fire & Casualty Insurance Company of North Carolina is seeking…
WCRIBMA Circular Letter: Reminder – Notification Endorsement of Pending Law Change to Terrorism Risk Insurance Program Reauthorization Act of 2015
WCRIBMA Circular Letter: Reminder – Notification Endorsement of Pending Law Change to Terrorism Risk Insurance Program Reauthorization Act of 2015 The Massachusetts Workers’ Compensation Rating and Inspection Bureau has issued Circular Letter No. 2352, dated October 4, 2019, and titled Reminder – Notification Endorsement of Pending Law Change to Terrorism Risk Insurance Program Reauthorization Act of…
WCRIBMA Circular Letter: Governing Committee Membership: 2020-2021 Term
WCRIBMA Circular Letter: Governing Committee Membership: 2020-2021 Term The Massachusetts Workers’ Compensation Rating and Inspection Bureau has issued Circular Letter No. 2351, dated October 1, 2019, and titled Governing Committee Membership: 2020-2021 Term. The Workers’ Compensation Rating and Inspection Bureau of Massachusetts (WCRIBMA) will soon be considering membership on the Governing Committee for the May 2020-May…
CAR Bulletin No. 1086 – Large Loss Notification Procedures
CAR Bulletin No. 1086 – Large Loss Notification Procedures This recent CAR Bulletin outlines the implementation of a web-based system to enhance the information provided to companies relative to large residual market losses. The system includes a Large Loss Notification Form, as well as several Large Loss Reports to better communicate the significant losses impacting…
Updated Company Auto Insurance Filings – September 2019
Updated Company Auto Insurance Filings – September 2019
Revisiting Berkshire Hathaway’s 3-Page Small Business Policy
Revisiting Berkshire Hathaway’s 3-Page Small Business Policy THREE, the 3-page small business policy marketed by Warren Buffett’s Berkshire Hathaway, presents statements such as: “no need for brokers or lawyers to translate your policy” and “by simplifying the process we were able to take out the middleman.” In case you missed it, Chris Boggs of the Big…
Audit Reveals Overbilling of Insurance Companies by DOI
Audit Reveals Overbilling of Insurance Companies by DOI Last week, MA State Auditor Suzanne M. Bump released an audit that calls on the Division of Insurance (DOI) to discontinue an unauthorized practice that has exempted more than 62 insurers from paying a required annual fee. As a result of this practice, the remaining insurance companies…
CAR Bulletin No. 1085-Servicing Carrier and ERP Standards for the Verification of Applicant Drivers’ Licenses
CAR Bulletin No. 1085-Servicing Carrier and ERP Standards for the Verification of Applicant Drivers’ Licenses This recent CAR Bulletin outlines the new standards for Servicing Carriers and ERPs to follow in verifying an applicant’s’ driver’s license . For all new business in the commercial automobile residual market, and for all new and renewal business in the…
WCRIBMA Special Bulletin: Updated Information on Residual Market Share 08-19
WCRIBMA Special Bulletin: Updated Information on Residual Market Share 08-19 The MA Workers’ Compensation Rating and Inspection Bureau (WCRIBMA) released Special Bulletin 08-19, Updated Information on Residual Market Share.
Registered Auto Body & Glass Repair Shops as of 7/25/19
Registered Auto Body & Glass Repair Shops as of 7/25/19 The Automobile insurers Bureau (AIB) recently posted updated lists of registered auto body and glass repair shops by county, which were provided by the Massachusetts Division of Standards. AIB displays the lists of auto body repair shops in compliance with the Insurance Commissioner’s Regulation, 211…
Updated Company Auto Insurance Filings – July 2019
Updated Company Auto Insurance Filings – July 2019
CAR Deems Multiple Changes to Rules of Operation Effective July 23
CAR Deems Multiple Changes to Rules of Operation Effective July 23 Commonwealth Automobile Reinsurers (CAR) issued two recent Bulletins (No. 1083 and No. 1084) announcing that 16 amendments to the Rules of Operation have been deemed approved, effective July 23, 2019, and one proposed amendment was disapproved.
WCRIBMA Special Bulletin: Residual Market Loss Ratio and Burden Estimate 07-19
WCRIBMA Special Bulletin: Residual Market Loss Ratio and Burden Estimate 07-19 The MA Workers’ Compensation Rating and Inspection Bureau (WCRIBMA) released Special Bulletin 07-19, Residual Market Loss Ratio and Burden Estimate.
Rough Notes Magazine Shines a Spotlight on Big “I” Hires
Rough Notes Magazine Shines a Spotlight on Big “I” Hires If we told you that finding new talent is a huge struggle in our industry, you’d probably say, “thanks, Captain Obvious.” However, as this excellent article by Christopher Cook of Rough Notes magazine explains, help is available to our members through Big “I” Hires, the…
Good News for IAs About Millennial Insurance Buyers
Good News for IAs About Millennial Insurance Buyers A new Liberty Mutual Insurance and Safeco Insurance research study shows that millennial insurance consumers’ views of insurance are largely aligned with older generations, dispelling many myths about this generation and presenting a huge opportunity for the independent agent channel.
WCRIBMA Releases Insured Assessment Rates for All Policies Effective July 1
WCRIBMA Releases Insured Assessment Rates for All Policies Effective July 1 The MA Workers’ Compensation Rating and Inspection Bureau (WCRIBMA) has issued Circular Letter No. 2350, dated June 28, 2019, and titled Department of Industrial Accidents Assessment. The letter lists the official assessment rates to be applied to policies effective July 1, 2019 and thereafter.
CAR’s MAIP Steering Committee Votes to Amend Rules 21–33 & 36–39
CAR’s MAIP Steering Committee Votes to Amend Rules 21–33 & 36–39 In Bulletin 1082, Commonwealth Automobile Reinsurers (CAR) announced their vote to amend the following CAR Rules of Operation, which define the policies and procedures by which Members, Assigned Risk Companies, and Assigned Risk Producers are governed with regard to the operation of, and participation…
WCRIBMA Special Bulletin: Updated Information on Residual Market Share 06-19
WCRIBMA Special Bulletin: Updated Information on Residual Market Share 06-19 The MA Workers’ Compensation Rating and Inspection Bureau (WCRIBMA) released Special Bulletin 06-19, Updated Information on Residual Market Share.
CAR Approves Modification to Rule 2’s Definition of “Eligible Risk”
CAR Approves Modification to Rule 2’s Definition of “Eligible Risk” UPDATE: Effective July 23, 2019, the changes to Rule 2– Definitions are officially approved. Details. Commonwealth Automobile Reinsurers (CAR) recently released Bulletin No. 1081, “Proposed Changes To The Rules of Operation,” explaining their revisions to Rule 2 — Definitions. The Bulletin reads in part:
WCRIBMA Circular Letter: Massachusetts Indemnity Data Call
WCRIBMA Circular Letter: Massachusetts Indemnity Data Call The Massachusetts Workers’ Compensation Rating and Inspection Bureau has issued Circular Letter No. 2349, dated June 14, 2019, and titled Massachusetts Indemnity Data Call. The WCRIBMA’s Governing Committee authorized the implementation of a Massachusetts Indemnity Data Call to be reported directly to the WCRIBMA. Participation in the Massachusetts Indemnity…
MPIUA Announces Revisions to Assessment and Valuation Program
MPIUA Announces Revisions to Assessment and Valuation Program The Massachusetts Property Insurance Underwriting Association (MPIUA), has updated its risk assessment and valuation program to CoreLogic RCT Express version 4.5. This upgrade has been in use in the voluntary market being received with positive review. RCT Express version 4.5 contains several updates which make it both…
WCRIBMA Special Bulletin: Updated Information on Residual Market Share
WCRIBMA Special Bulletin: Updated Information on Residual Market Share The MA Workers’ Compensation Rating and Inspection Bureau (WCRIBMA) released Special Bulletin 05-19, Updated Information on Residual Market Share.
Updated Company Auto Insurance Filings – April 2019
Updated Company Auto Insurance Filings – April 2019
CAR Implements New Web-Based Cession System
CAR Implements New Web-Based Cession System Commonwealth Automobile Reinsurers (CAR) has released Bulletin 1079, dated April 18, 2019, announcing the implementation of a new cession application for adding, correcting, and reviewing cession records. The new, secure, web-based application functions similarly to CAR’s previous mainframe application, but adds several convenient capabilities for users. It will be…
WCRIBMA Special Bulletin: Residual Market Loss Ratio & Burden Estimate — April 2019
WCRIBMA Special Bulletin: Residual Market Loss Ratio & Burden Estimate — April 2019 The MA Workers’ Compensation Rating and Inspection Bureau (WCRIBMA) released Special Bulletin 04-19, Residual Market Loss Ratio and Burden Estimate. Residual Market Burden is a measure of the pool-related cost that pool members incur when writing assessable voluntary business.
WCRIBMA Circular Letter: Establishment of an Audit Noncompliance Charge
WCRIBMA Circular Letter: Establishment of an Audit Noncompliance Charge The MA Workers’ Compensation Rating and Inspection Bureau (WCRIBMA) has issued Circular Letter No. 2348, Establishment of an Audit Noncompliance Charge, dated April 4, 2019, and titled. The letter explains a pilot program that would enable WC insurance carriers, under certain conditions, to apply a noncompliance charge…
CAR Bulletin: DOI Disapproves Proposed Amendment to Rule 29: Assignment Process
CAR Bulletin: DOI Disapproves Proposed Amendment to Rule 29: Assignment Process Commonwealth Automobile Reinsurers (CAR) Bulletin 1078, dated April 4, 2019, reports the Division of Insurance (DOI) decision to disapprove a proposed amendment to Rule 29 of the Rules of Operation that would have changed the credit factors for carriers writing voluntary business instead of placing them…
CAR Bulletin: DOI Approves Amendment to Rule 14: ERP Requirements
CAR Bulletin: DOI Approves Amendment to Rule 14: ERP Requirements Commonwealth Automobile Reinsurers (CAR) Bulletin 1077, dated March 29, 2019, reports the Division of Insurance (DOI) decision to approve changes to Rules of Operation Rule 14 – Exclusive Representative Producer Requirements.
CAR Bulletin: DOI Disapproves Proposed Amendment to Rule 2: Definition of Eligible Risk
CAR Bulletin: DOI Disapproves Proposed Amendment to Rule 2: Definition of Eligible Risk Commonwealth Automobile Reinsurers (CAR) Bulletin 1076, dated March 29, 2019, reports the Division of Insurance (DOI) decision to disapprove a proposed amendment to Rule 2 of the Rules of Operation which sought to modify the definition of “Eligible Risk.”
CAR Approves Radius Class and Geographic Classification Standards
CAR Approves Radius Class and Geographic Classification Standards Commonwealth Automobile Reinsurers (CAR) recently released BULLETIN NO. 1075, “Radius Class and Geographic Classification of Trucks, Tractors and Trailers and Public Automobile Standards.”
WCRIBMA Special Bulletin: Policy Year 2016 Final VDAC Reapportionment
WCRIBMA Special Bulletin: Policy Year 2016 Final VDAC Reapportionment
WCRIBMA Issues MA Employee Leasing Endorsement
WCRIBMA Issues MA Employee Leasing Endorsement The Massachusetts Workers’ Compensation Rating and Inspection Bureau (WCRIBMA) has issued Circular Letter No. 2346, dated March 15, 2019, and titled Massachusetts Employee Leasing Endorsement (WC 20 03 04 C). This endorsement has been updated to include a new field within the schedule section of the endorsement to list the…
Berkshire Hathaway’s New THREE Policy: An Inferior Product?
Berkshire Hathaway’s New THREE Policy: An Inferior Product? In this IA Magazine article, author Chris Boggs of the Big “I” Virtual University calls Berkshire Hathaway’s recently announced THREE policy “a dangerous attempt to simplify multiple insurance contracts for small business owners.”
MA FAIR Plan Updates Producers’ Web Options
MA FAIR Plan Updates Producers’ Web Options Recent updates to the Massachusetts Property Insurance Underwriting Association (MPIUA), a.k.a. the MA FAIR Plan Producers Portal have given agency producers some convenient new online functions, including the ability to:
CAR News – Recent Bulletins – February 2019
CAR News – Recent Bulletins – February 2019 Commonwealth Automobile Reinsurers (CAR) recently released the following Bulletins:
Updated Company Auto Insurance Filings – February 2019
Updated Company Auto Insurance Filings – February 2019
Best Practices for Insurance Agency Exit & Succession
Best Practices for Insurance Agency Exit & Succession InsurBanc’s Robert Pettinicchi was recently interviewed in an article for Property Casualty 360. The article discusses how to get prepared for the future and start formulating a plan for succession. Whether you are moving on from your insurance agency, going into retirement, or going into another business,…
African-American History in The Insurance Business
African-American History in The Insurance Business February’s IA magazine presents Memphis agency owner Fred L. Davis as the subject of the Declaration of Independents. Davis, who began his agency in 1967, was the first African-American insurance agent in six states. He tells a fascinating and often painful story of building a career in a…
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