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Workers' Compensation Insurance for the Residual Market


Location
Utah
Publication Date
10/29/2019 12:09 PM EDT
Closing Date
11/20/2019 04:00 PM EST
Issuing Organization
State of Utah - Division of Purchasing
Solicitation Number
Description

Specifications include, but are not limited to: The scope of work includes, but is not limited to, the following activities performed in accordance with statutes, regulations, or case law and/or established procedures, standards and requirements of the Commissioner that govern a workers’ compensation insurance carrier doing business in Utah: file rates and forms, determine eligibility for residual market placement, underwriting, policy issuance, auditing, billing, premium collection, loss control, claims administration and processing, adjusting, settling, compromising, defending, litigating, paying, and being responsible for all exposure on, claims covered by, and compensable under an issued policy. The contract will require the Contractor to: Comply with all applicable statutory and/or regulatory requirements, including, but not limited to: statutes, regulations, codes, rules, acts, directives, bulletins, announcement, and/or circulars; Notify the Commissioner of any material change in information furnished pursuant to this Request for Proposals, as soon as it becomes available, but in no event later than five (5) working days after Contractor becomes aware of the changes. Provide a copy of the policyholder’s experience modification worksheet, at no cost, to the policyholder or agent of record upon request. Be ultimately responsible for complying with the contract if the Contractor uses a subcontractor. Provide workers’ compensation insurance to the residual market in Utah in accordance with applicable laws. Report the following information to the Commissioner annually by September 1st of each year: The number and type of employers who obtain workers’ compensation insurance in the residual market. The underwriting standard or guideline, including premium size, class code and risk characteristics, payroll and loss experience, and other factors identified by the Commissioner, that cause the employer to obtain workers’ compensation insurance in the residual market. The need, if any, for legislation to address the residual market. The initial term shall be for ten (10) years with one (1) contract extension of five (5) years at the Commissioner’s sole discretion. Contractor shall notify the Commissioner of its intention not to renew the contract three (3) years prior to the end of the initial term.

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