ACE USA, the U.S.-based retail operating division of the ACE Group of Companies, launched a new audio podcast (or Internet-distributed program), which provides information in preparation for the transition of the West Virginia Workers Compensation marketplace from a monopolistic to a competitive marketplace. This change will take place beginning July 1, 2008.The podcast, titled "Insight into Changes in How Brokers Can Place Workers Compensation Risk in West Virginia," is presented by Brian Powers, senior vice president and chief regulatory compliance officer for ACE Risk Management, part of ACE USA.
Powers discusses the background of the appointment of the National Council on Compensation Insurance (NCCI) as the state’s rating organization as an alternative to the existing monopolistic fund managed by Brick Street—the state’s insurance company. He explains the state workers' comp transition, how ACE USA is preparing for this changeover, and offers some considerations for which options are available and how to best approach the submission process when considering the changeover effective date.
According to Powers, insureds with exposure in West Virginia will now have three options to choose from: 1) the insured can elect to immediately move their existing Brick Street coverage to a voluntary market and cancel their policy (no cancellation will automatically be imposed); 2) the insured may elect to let their current policy with Brick Street continue up until the time of its natural expiration and then place in the commercial market; or, 3) the insured can elect to keep their insurance coverage with Brick Street on a going-forward basis—with no interruption.
Powers commented on the new offerings, “Both insureds and brokers can benefit from this change. Brokers will be able to provide more options for their clients, and insureds will now have the option of electing to have their workers' compensation insurance for West Virginia provided by the same commercial carrier that supports its other workers' compensation exposures throughout the U.S. This is a significant change and we’ve been preparing for this transition for many months. As a result, we stand ready to support the West Virginia business when it becomes available to the commercial marketplace.”
To access the ACE Risk Management audio podcast program (approximately 14 minutes in length), visit www.aceusa.com/News/Pages/Podcasts.aspx. The material presented in the podcast is not intended to provide legal or other expert advice. It is presented for general information only. Listeners of this podcast should consult legal counsel or other experts, as applicable, with any questions.
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