On May 20, 2019, the Illinois Department of Insurance issued Bulletin #2019-05 regarding all insurers approved to write workers’ compensation insurance. The Bulletin reminds insurers of their obligation to comply with statute 215 ILCS 5/457, Prior Approval of Workers’ Compensation Rate and Loss Cost Filings, which directs insurers to pre-file every manual of classifications, manual of rules and rates, rating plans, and modifications thereof at least 30 days before they become effective. Insurers may satisfy these obligations by adopting the filing of a licensed rating organization and, with the approval of the Director, may deviate from such filings after providing supporting information for the basis of the deviation. Any filing under 215 ILCS 5/457 will not be effective nor used until approved.
For any questions regarding Bulletin #2019-05, or for any workers’ compensation filing inquiry, please contact Westmont Associates, Inc.
