June 22, 2023
Workers’ compensation industry updates
Starting July 1, the workers’ compensation industry in Texas will see a few updates from the Texas Department of Insurance (TDI) and the National Council on Compensation Insurance (NCCI), including rate reductions, revisions to the amendatory endorsement and the treatment of COVID-19 claims. Keep reading to learn about these changes.
Texas workers’ comp rate reductions
TDI has approved an overall loss cost decrease of 9% for the voluntary market in Texas, effective July 1, 2023. Many Texas Mutual new and renewal policies will see a larger decrease in rates based on our risk selections. Check out these lower rates in our system by submitting your quote online. If you have a non-subscriber or business that has not recently considered workers’ comp coverage, present them with a competitive quote from Texas Mutual.
TDI approves revisions to the Amendatory Endorsement
Starting July 1, 2023, the Texas Amendatory Endorsement (WC420301K) will be changed to (WC420301L). One of the updates approved by TDI includes the elimination of The Texas – Audit Premium and Retrospective Premium Endorsement (WC420407). The language from this endorsement will now be added to the Part Five – Premium section of the Texas Amendatory Endorsement.
This means carriers like Texas Mutual will no longer need to endorse the Texas – Audit Premium and Retrospective Premium Endorsement on every policy. Additionally, the new endorsement will include updated contact information for NCCI’s dispute resolution email address and TDI’s mailing address.
TDI adopts NCCI revisions related to COVID-19 claims
TDI adopted NCCI’s Item E-1410, establishing July 1, 2023 as the expiration date for the special treatment of COVID-19 claims as catastrophic losses. In addition, COVID-19 claims with dates on or after July 1, 2023 will be included in the experience rating (e-MOD) calculation and included in subsequent rate filings.
TDI also adopted NCCI’s Item B-1447, establishing an expiration date of June 30, 2023, for code 0012 that was implemented in connection with the COVID-19 pandemic.
As your workers’ compensation partner, we’re committed to keeping you up to date on the latest industry, regulatory and safety news to help you better serve your clients and make it easy to do business with us. You can reach out to your Texas Mutual territory manager or underwriter if you have any questions about these upcoming changes.