Indiana: Bureau proposes new rates for upcoming year
The Compensation Rating Bureau proposed an increase of 2.3 percent to the loss costs, 2.6 percent in the overall premium level, and 2.6 percent in the overall rate level that will go into effect on Jan. 1, 2012.
A change was also proposed to the executive officer, sole proprietor, partner, and LLC member payroll limits. The proposal establishes the minimum payroll limit at 85 percent of the average weekly wage or $650. The proposal also establishes the maximum payroll at four times the average weekly wage or $3,000. The proposal eliminates the fixed payroll amount for sole proprietors, partners, and LLC members. Business owners who elect to be covered by workers' compensation insurance will be treated the same as an executive officer for premium determination purposes and are subject to the same maximum and minimum payroll limitations.
Read more at the WorkersComp Forum homepage.
November 10, 2011
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