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A rule that would require some Illinois employers to provide collateral for large-deductible workers compensation policies was approved on Tuesday.
The rule was unanimously approved by the Illinois Joint Committee on Administrative Rules, according to an Illinois Department of Insurance spokesman. It is expected to become effective later this month or in January.
A copy of the rule posted online says employers would be required to provide workers comp insurers with audited financial statements during each year's underwriting process, according to a copy posted online. The per-occurrence deductible amount under the large deductible agreement cannot exceed 20% of the policyholder's net worth as determined by the audited financial statement.
Illinois insurers would be exempt from the rules if they have an A- or better rating from Oldwick, New Jersey-based ratings agency A.M. Best Co. or have at least $200 million in surplus. Having no rating from A.M. Best is the same as having less than an A- rating, according to the notice.
Workers compensation insurers are relaxing collateral requirements for high-deductible policies as credit markets improve and insurers compete for profitable accounts.