Sufficient funds are not available to meet the liabilities of Iowa’s Second Injury Fund, so the state is imposing a $4 million assessment on insurers and self-insured employers in Iowa. Notices were mailed from the Iowa Insurance Division on Aug. 16. The assessment amount is due by Sept. 30.
The insurance division also announced that the National Council on Compensation Insurance Inc. has made a rate filing in Iowa that proposes a 4.7 percent increase in the workers’ compensation insurance rates that became effective Jan. 1, 2010.
The Iowa Insurance Division says assigned risk rates have been changed from 120 percent of voluntary rates to 125 percent of voluntary rates, which results in a proposed increase of 9.1 percent. The filing has a proposed effective date of Jan. 1, 2011.
A workers’ compensation policyholder or an established organization with one or more workers’ compensation policyholders among its members may request a hearing before the Commissioner of Insurance regarding this rate filing.
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