The updated residual market information was published in Special Bulletin sb06-14 The Worker’s Compensation Rating and Inspection Bureau of Massachusetts (WCRIB-MA) issued Special Bulletin sb06-14 announcing updated information on the residual market. The information is used in order to provide indications as to the directional movement of the Commonwealth’s Residual Market for Worker’s Compensation. Ultimately, the Bulletin estimates that for the policy year for the last 12 months ending in April 2014, the residual market share is 17.7% The following charts are courtesy of the WCRIB-MA’s Special Bulletin:
The WCRIB-MA Announced the new tool on June 25, 2014 in Circular Letter No. 2241 In a second Circular Letter, issued on June 25th, the WCRIB-MA announced the availability of a new Worker’s Compensation Analyst Tool (WCAT) for its carrier users. The tool is located within the Secure Online Service Account area of its website. The following is a description from the Circular Letter outlining what the new tool can do:
WCAT allows carrier users to create premium and loss reports for the industry in total or for their carrier or carrier group. Reports can also be created for the industry in comparison to their carrier or carrier group. The reports produced and the queries created can be saved and shared between a carrier’s users. The data underlying the premium and loss reports are from Policy and Unit Statistical Data. In addition to creating premium and loss reports, the WCAT allows users to look up rate deviations by date and class code. Carrier users should contact their carrier’s group administrator for access to this product. Auser’s guide for the WCAT can be found within the product on our website.
The WCRIB-MA asks that anyone with special questions or requiring further information on the tool contact the WCRIBMA’s actuary at email@example.com.