The Insurance Commissioner recently approved amendments to the California Workers Compensation Uniform Statistical Rating Plan that establish new audit requirements for policies effective on or after January 1-2014 that develop payroll in a high wage, dual wage construction classification.
The new audit requirement provides that each policy producing a final premium of less than $10,000 and developing exposure in a high wage, dual wage construction classification must be physically audited unless the policy is a renewal and the insurer physically audited one of the two immediately preceding policy periods. This new audit requirement also applies to policies issued to Owner Controlled Insurance Programs (also known as “wrap up” policies).
For more information contact our office or the WCIRB at www.wcirb.com
