Unfortunately, unless self-insurance groups are held accountable for reserving and pricing adequately this type of thing (i.e. the insolvency of AIK COMP) will just keep on happening. It is a sad repitition of past events and a bitter lesson for those who are depending on the system, which should be prevented. WC is a very long tail line – something which many people always seem to fail either to comprehend or believe. Those in charge must be held accountable for their actions in this regard.
THEY ARE ASSESSING ON THE ESTIMATED PREMIUMS NOT THE ACTUAL AFTER THE YEAR END AUDITS. ONE OF MY INSUREDS HAD A BILLING FOR MORE THAN THEY PAID OVER A 3 YEAR PERIOD AFTER THE AUDITS.
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Unfortunately, unless self-insurance groups are held accountable for reserving and pricing adequately this type of thing (i.e. the insolvency of AIK COMP) will just keep on happening. It is a sad repitition of past events and a bitter lesson for those who are depending on the system, which should be prevented. WC is a very long tail line – something which many people always seem to fail either to comprehend or believe. Those in charge must be held accountable for their actions in this regard.
THEY ARE ASSESSING ON THE ESTIMATED PREMIUMS NOT THE ACTUAL AFTER THE YEAR END AUDITS. ONE OF MY INSUREDS HAD A BILLING FOR MORE THAN THEY PAID OVER A 3 YEAR PERIOD AFTER THE AUDITS.