Georgia Workers Comp Carrier Declared Insolvent

Georgia Workers Compensation insurance carrier, Southeastern US Insurance Company, has been declared insolvent. According to recent news out of Georgia, John Oxendine, the Georgia Insurance Commissioner, will act as the liquidator. This action has been approved by Fulton County Superior Court Judge Thomas Campbell.

It's estimated approximately 3,000 Georgia employers will be impacted by this action. Southeastern US Insurance Company specialized in providing workers compensation coverage to organizations like hospitals, associations, public entities and private companies alike and it was reported they were the eighth largest workers comp provider in the state of Georgia.

So as of October 27, 2009, the date Judge Campbell approved the liquidation, all business with Southeastern US Insurance Company was required to cease. For further information about this liquidation contact the Georgia Insurance Commissioners office. Also here is a link with information about this liquidation.

North Carolina Workers Comp Rate Reduction

North Carolina Workers Compensation rates are going down! The North Carolina Rate Bureau sought and secured a workers comp rate reduction amounting to an average 10% reduction in workers comp rates for North Carolina employers. To take effect in April, this reduction will save employers an estimated $120 million and applies to employers who purchase their insurance coverage on the open market.

This news follows last years reduction which amounted to an approximately 4% savings for North Carolina employers.

Certainly a good trend in the cost of North Carolina workers comp insurance.

Tennessee Workers Comp - New Law for Contractors

Watch out when the government gets excited and tries to fix a problem! That's what's going on in the Tennessee Workers Compensation arena with a new law that was designed to level out the contractor playing field. This new law...to go into effect December 31, 2009, requires a sole proprietor to carry workers comp insurance. This law was originally intended to address the problem of workers comp stacking, where an employer would declare that their staff was in fact individual sole proprietors and fell outside the law requiring workers comp coverage be provided for all employees. In fact a poor attempt practiced by some contractors and used to skirt around the workers comp requirements that an employer provide coverage for their employees.

It's estimated that in this case the new law would force around 10,000 contractors to purchase workers compensation insurance! Wow! This couldn't have come at a worst time! Many of the small single owner operator contractors would be forced to purchase a policy potentially costing thousands of dollars!

So the good news....Tennessee State Lawmakers are reviewing the law trying to find a way to reduce the negative effect. However, this may take some time to work its way out and in the mean time December 31, 2009 is ticking closer and closer!

So if you are a contractor in the State of Tennessee, make sure you are compliant with the new state workers comp law!