January 28, 2022

The Ring Sessions Volume 3

31 minutes

In this episode of The Power Producers Podcast, David Carothers and co-host Kyle Houck together with Kevin Ring discuss ownership changes and how they affect the Workers’ Compensation program for a company.

Episode Highlights:

Kevin explains that the rules he is about to discuss are National Council on Compensation Insurance (NCCI) specific. (2:52)

A flower shop is very different from an explosive shop, as Kyle points out. Why are they identical? (5:17)

Kevin discusses the most common misperception he hears about ownership changes. (17:52)

David believes that one of the most frustrating aspects for agents is the time it takes to receive information from NCCI. (20:10)

Kevin discusses the NCCI experience rating plan regulation 3-F, which is titled evasion of experience rating modification. (24:27)

David believes that it will be intriguing to see what machine learning does in this sector over the next five or six years. (28:32)

Tweetable Quotes:

“I tell people all the time, this is not a gray area. It is required by the rules that if entities share common majority ownership that they be combined. And NCCI has rules about what happens if they aren't appropriately combined.” - Kevin Ring

“If I own a flower shop, and I own a dynamite manufacturing facility, and both of those are based in NCCI states, they are going to share an experience mod. It does not matter that they're on two different policies. And it doesn't have to be just a single person. It can be, you know, a collection of people.” - Kevin Ring

“You've got a business, their experience mods are a dumpster fire. And so they ask, ‘Well, can I just start another company and move everything over there and start over with 1.0?’ And the answer is no.” - Kevin Ring

Resources Mentioned:

Kevin Ring LinkedIn

Institute of WorkComp Professional

David Carothers

Kyle Houck

Florida Risk Partners

The Extra 2 Minutes

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