Does anyone have any ideas for WC for a large PEO, they have locations all across the US, looking for someone who will write a large deductible plan?
Thanks!
Work Comp For A Large Peo?
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Tip: If you are posting a market request, include the state abbreviation in your post title to get better responses.
Tip: If you are posting a market request, include the state abbreviation in your post title to get better responses.
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cynsationalinswoman
- Insurance Journal Enthusiast
- Posts: 19
- Joined: Fri Nov 05, 2004 11:07 pm
<span style='color:purple'>No intention to be cruel, but dream on!!! Not in CA is understatement. PEO's are going down the drain, a lot are frauds, in California Applied U/W says they are not a PEO (look walk & quack like one), so they would be 1st on list if needed.
If you are looking to deal with/be employed by a PEO suggest you think it over 2000 times twice. How do I have sucha hard opinion? Made the mistake of working for one as a risk management consultant</span>
If you are looking to deal with/be employed by a PEO suggest you think it over 2000 times twice. How do I have sucha hard opinion? Made the mistake of working for one as a risk management consultant</span>
[FONT=Optima]CynsationalInsWoman[FONT=Optima]
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FiniteReUnderwriter
- Insurance Journal Enthusiast
- Posts: 22
- Joined: Mon Dec 29, 2003 6:57 am
Is this PEO large enough to become a qualified self-insured?
Have looked at a number of PEO programs, and it has been exceedingly difficult / impossible to find a viable fronting company to issue policies for a large deductible structure. However is this PEO can qualify as a self-insured, this may open up certain options.
As part of the self-insurance application process with state regulators, an acceptable form of collateral is required to secure the potential liabilities - typically LOCs, Self-Insurance Surety Bonds, or cash deposits (USTs). Both LOCs and SIR Surety Bonds are themselves subject to market dislocations, which is why some clients who self insure their risks has sought finite solutions as an alternative form of collateral.
Of course, this still leaves the other issues to be considered -
* Claim handling capabilities (either internal, or subcontracted with a TPA)
* Provision of loss control / safety inspections
* Establishing a funding mechanism for timely payment of losses
* If needed, some higher level of excess reinsurance protection (depending on the financial strength of the PEO and the level to which the state feels they can self insure). This may vary by state.
Have looked at a number of PEO programs, and it has been exceedingly difficult / impossible to find a viable fronting company to issue policies for a large deductible structure. However is this PEO can qualify as a self-insured, this may open up certain options.
As part of the self-insurance application process with state regulators, an acceptable form of collateral is required to secure the potential liabilities - typically LOCs, Self-Insurance Surety Bonds, or cash deposits (USTs). Both LOCs and SIR Surety Bonds are themselves subject to market dislocations, which is why some clients who self insure their risks has sought finite solutions as an alternative form of collateral.
Of course, this still leaves the other issues to be considered -
* Claim handling capabilities (either internal, or subcontracted with a TPA)
* Provision of loss control / safety inspections
* Establishing a funding mechanism for timely payment of losses
* If needed, some higher level of excess reinsurance protection (depending on the financial strength of the PEO and the level to which the state feels they can self insure). This may vary by state.