National - The National Council on Compensation Insurance (NCCI) has published its 2024 Regulatory and Legislative Trends. This report offers a comprehensive overview of changes influencing the workers’ compensation system, divided into two sections: the Regulatory and Legislative Trends Report and two interactive navigation dashboards. The report monitored 911 state and federal bills that could potentially affect workers’ compensation stakeholders.
Fitch Ratings released its report on U.S. Workers’ Compensation Reserve Adequacy and Underwriting Performance. The report highlights that the workers’ compensation line, which has been the strongest-performing commercial product line in the U.S., is expected to see its combined ratio rise to the mid-90s or higher in 2024. To learn more, check out this Business Insurance article.
US HR 9096 is gaining momentum in Congress, with two additional cosponsors joining the effort, bringing the total to 16 (10 Democrats and 6 Republicans). As a reminder, this bill is a key component of a broader initiative to enhance the affordability and transparency of prescription drugs in the United States. If passed, HR9096 would allow pharmacy payment and reimbursement by Pharmacy Benefit Managers (PBMs) through standardizing payment models, regulatory oversight, and transparency requirements.
The Occupational Safety and Health Administration (OSHA) introduced a new federal online tool to improve transparency and awareness of severe workplace injuries which they are calling The Severe Injury Report dashboard. This dashboard will allow users to search and analyze data on serious injuries reported by employers in states under federal OSHA jurisdiction since 2015.
The American Medical Association (AMA) released Competition in PBM Markets and Vertical Integration of Insurers with PBMs: 2024 Update Report. The report explains the need for greater regulatory oversight due to the influential role PBMS plays in the pharmaceutical supply chain.
Alaska – The Alaska Workers’ Compensation Board is inviting feedback on its proposed 2025 Medical Fee Schedule. You can submit written comments on the proposed changes until October 9th or provide testimony during a public hearing on October 19th. Written comments can be emailed to workerscomp@alaska.gov or submitted via the Alaska Online Public Notice System by October 9th.
New Hampshire – The New Hampshire Insurance Department (NHID) announced its approval of a rate proposal from the National Council on Compensation Insurance (NCCI), which will result in an average 5.6% reduction in voluntary costs.
Pennsylvania – WCRI will be hosting a free one-hour webinar on October 2nd, 2024 at 2 pm to discuss findings from the latest edition of the CompScope Benchmark for Pennsylvania as well as the Institute’s recent drug trend study. Attendance is limited to 500 participants, to register click here.
Texas – The Texas Division of Workers’ Compensation has opened registration for its Workers' Compensation Conference that will take place virtually October 22-23. Registration is $200 per person for an early bird special through September 30th and then will increase to $225 per person after September 30th. If interested, click here to learn more.
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