A new Massachusetts state audit has made recommendations to improve accountability and efficiency in the workers’ compensation system.
Massachusetts State Auditor Suzanne Bump said on August 21 that her office’s review found that the state’s Department of Industrial Accidents, which oversees the system, does not ensure that assessments paid out by insurance companies are accurate.
Bump says the audit has already led to a number of improvements at the department, including the hiring two internal auditors to review insurance assessments. The audit examined fee collections, claims payments, and internal procedures from July 1, 2010 to Sept. 30, 2012.
All private employers in Massachusetts are required to carry workers’ compensation insurance and pay claims by individuals through a commercial insurance policy, self-insurance, or membership in a self-insurance group.
Was this article valuable?
Here are more articles you may enjoy.
Catastrophe Bonds’ Huge Market Gains Put Reinsurers on Backfoot
World’s Largest Retirement Community Taps Muni Market to Help Build More Homes
Update: Catastrophe Bond Investors Told to Brace for Jamaica Payout
Update: Hurricane Melissa Churns Toward Jamaica as Category 5 Storm 

