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The need for rate reform was apparent in the premium imbalance among employers in the same manual classification. This created an unpredictable situation with unstable premium fluctuations from one year to the next, making it difficult for many employers to plan for their workers’ compensation costs.
Additionally, nine independent reviews by prominent insurance and financial consultants all pointed to actuarial problems with BWC’s past rate-making practices. The problems impacted employers and hurt the prospects of attracting new business to Ohio. With this in mind, the 127th General Assembly passed House Bill 100 (HB 100) to reform Ohio’s workers’compensation system. The bill called for the creation of a new board of directors, implementation of an accurate, transparent individual claim reserving system and a comprehensive study of Ohio’s workers’ compensation system. When the new BWC Board of Directors began its work in August 2007, BWC launched its rate-reform initiative to bring more equity and actuarial soundness to the rates you and your fellow employers pay for workers’ compensation in Ohio.