The Ticker
Montana State Fund issues $30 million dividend for workers comp policyholders, equaling about 22% of premium paid. That is 25% lower than the $40 million in dividends in each of the two previous years.
Insurance Commissioner Jon Godfread selected as state insurance regulators’ representative to newly formed Air Ambulance and Patient Billing Advisory Committee within the U.S. Department of Transportation, which was mandated by the FAA Reauthorization Act of 2018. The committee will advise the Secretary of Transportation on options to improve disclosure of charges and fees for air medical services, inform consumers of insurance covering such services, and protect consumers from balance billing. >> John Arnold hired as deputy insurance commissioner. He moves from Secretary of State’s office, where he worked on deployment of new, statewide voting system. >> Johnny Palsgraaf promoted to general counsel in insurance department.
Insurance Director Jillian Froment named to Federal Advisory Committee on Insurance, which advises the Federal Insurance Office.
Approves 5.1% decrease in workers compensation insurance loss costs for 2020, which help set premium rates, effective Jan. 1. A reduction in claim frequency was biggest driver in loss cost decline.
Department of Consumer and Business Services proposes 8.4% workers comp pure premium rate decrease for 2020. Average cost to employer would be $1.02 per $100 of payroll, down from $1.11 in 2019.
Hodgen Mainda named commissioner of Department of Commerce & Insurance. He was VP for community development at the Electric Power Board and replaces Julie McPeak, who left in June to join law firm Greenberg Traurig.
Proposes workers compensation average rate decrease of 0.8%. >> Orders ASA Assurance, Alaska Air Group’s Hawaii-based captive, to pay more than $2.5 million in unpaid premium tax and penalties for selling insurance in Washington without approvals. Airline disputes fines and wants administrative law judge to rule on case. >> Will introduce legislation in 2020 session to create statutory framework to detail how captive insurers can be formed by companies domiciled in the state. Companies fined by the Office of the Insurance Commissioner over the past year are helping OIC on that legislation.
Duncan Ellis hired as head of retail property for North America General Insurance, based in New York. He moves from Marsh, where he was managing director in U.S. property practice.
AmTrust E&S Services (amtrustes.com) opens excess and casualty underwriting division based in Los Angeles. Jeff Lynn hired to lead new unit. He joins from Everest Re in Los Angeles. Will write excess liability nationwide with limits up to $25 million for small and midsize U.S. companies.
ArgoGlobal quitting Syndicate 1200 operations in Asia and most of hull underwriting within syndicate. Existing policies remain valid. Claims will be managed through London operation. Blames unsustainable combined ratios in Asia. Region and hull each accounted for less than 3% of syndicate’s gross written premium last year. Will consider writing certain hull risks from Dubai.
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