The South Dakota Division of Insurance has selected Technology Insurance Co., as the workers’ compensation assigned risk plan carrier effective Jan. 1, 2018.
Technology Insurance will service the plan for five years. A competitive bidding process was conducted to select the servicing carrier using the services of the National Council on Compensation Insurance (NCCI). NCCI’s web-based system distributes the Requests for Proposal (RFP) and receives bid responses to the RFP. The process began in May 2017 with a total of eight interested carriers.
After NCCI reviewed the final bids, the field of entrants was reduced to four. On Aug. 21, the final bid results were presented to the division. On Aug. 25, the division approved NCCI’s expert recommendation to select Technology Insurance Co. as the new servicing carrier.
The previous carrier, Riverport Insurance Company, will service all run-off business related to their previous contract.
Source: South Dakota Division of Insurance