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Regardless of the workers’ compensation model (private insurance, competitive state fund, exclusive state fund), every insurer has to prepare for the unexpected. Afterall, insurance is the transfers the financial risk of rare but costly events from the insured to the insurer. This limitation was noted at the time. billion).
COVID is the most extensive occupational exposure event in the history of the United States. Workplaces are now primed for a massive wave of compensation claims due to the Omicron variant. The issues will include: evaluating temporary disability benefits, delivering medical treatment, and estimating the nature and extent of disability.
There was no Americans with Disabilities Act, no FamilyMedicalLeaveAct, and even the ground-breaking Title VII of the Civil Rights Act of 1964 was not even a decade old. First, the National Commission was enabled by the same law that created OSHA, the Occupational Safety and Health Act of 1970.
Requiring employers provide financial compensation to workers or their families for work-related injury, illness and death is central to achieving this objective. This category includes state fund insurers that act as the “insurer of last resort” within the jurisdiction.
For workers’ compensation insurers, there are additional complications in their day-to-day operations. The medical and rehabilitation services often provided by workers’ compensation typically are very “hands on”. The degree to which this challenge may impact particular insurers remains to be seen but the risk is real.
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