Colorado: Largest comp insurer fined for failing to identify rating factors

Colorado's largest workers' compensation provider will pay $80,000 in civil penalties for failing to disclose rating factors used to determine the price of premiums for employers.

The Division of Insurance canceled a scheduled hearing after it reached a settlement agreement with Pinnacol Assurance. A state-ordered audit in the spring found that Pinnacol had not filed the details of its rating factors with the division as required under law. Marcy Morrison, commissioner of Insurance, said that because Pinnacol is the workers' comp insurer of last resort, policyholders often accept the rates without question or complaint, and it is important to make sure that rates are not excessive, inadequate or unfairly discriminatory.

Pinnacol also agreed to credit policyholders who are schedule-rated a minimum of $15 million against premium in 2011.

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Read more at the WorkersComp Forum homepage.

September 27, 2010

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