ACE USA Podcast Explains Workers Compensation Change in West Virginia

It has an unwieldy name, but the new podcast from ACE USA will help clients in West Virginia and brokers who conduct—or want to conduct—business there make the transition from a monopolistic Workers Compensation marketplace to a competitive one. This transition began July 1.

Brian Powers, senior vice president and chief regulatory compliance officer for ACE Risk Management, hosts the podcast, entitled “Insight into Changes in How Brokers Can Place Workers Compensation Risk in West Virginia.” Powers talks about the appointment of the National Council on Compensation Insurance (NCCI) as the state’s rating organization, an alternative to the existing monopolistic fund managed by Brick Street, the state’s insurance company. He also explains the state workers compensation transition and how ACE USA has prepared for this change, and discusses which options are available and how to best approach the submission process when considering the changeover effective date.

Insureds with exposure in West Virginia will now have three options from which to choose:

• The insured can immediately move their existing Brick Street coverage to a voluntary market and cancel their policy (no cancellation will automatically be imposed).
• The insured may let their current policy with Brick Street continue until the time of its natural expiration and then place in the commercial market.
• The insured can elect to keep their insurance coverage with Brick Street with no interruption.

“Both insureds and brokers can benefit from this change,” Powers said. “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.”

The new audio podcast, about 14 minutes long, is available at the ACE USA Web site.