Back in September, California Gov. Edmund G. Brown Jr. signed workers compensation reform legislation into law, saying the law will reverse a four-year trend of rate increases. ?These latest workers compensation reforms in California are expected to cut the state?s comp costs by about $300 million, or 1.4%, annually.
S.B. 863 was signed into law Tuesday and takes effect Jan. 1. It is expected to boost permanent disability benefits by 30%?for injured workers while implementing several measures to help reduce comp costs for insurers and employers.
Among other measures, the new law?increases permanent disability benefits?. Its provisions also will create an independent review process for medical treatment and billing disputes, fee schedules for home health care, language interpretation and other comp-related services, and fees for current and future lien filings.
Estimates from the California Workers Compensation Insurance Rating?Bureau?expects decreased claim frequency to lower costs by $900 million, or 4.5%, in 2013. ?The savings would be offset by $600 million in increased disability benefits in 2014.
?These changes will help to avert market crisis conditions similar to those experienced in the early 2000s that saw several insurer insolvencies and expansion of the State Compensation Insurance Fund to 53% market share in 2003,? a statement by Fitch Ratings Ltd. said. ?However, the modest anticipated savings also indicate that further price increases are required in the California workers compensation market to return the market closer to an underwriting profit and attract underwriting capacity to the state.?
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California?s workers? compensation reform law will be implemented by Jan. 1, 2013.
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Source: http://safeaholic.wordpress.com/2012/11/28/california-workers-compensation-reform/
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