SB0862 Summary

• Modifies workers' compensation insurance rate regulation by eliminating the distinction between competitive and non-competitive markets; rates are excessive if they produce unreasonably high profits or have unreasonably high expenses regardless of market conditions.

• Changes rate filing requirements from "filing" to "prefiling" at least 30 days before rates become effective, with rates deemed approved if Director does not disapprove within 30 days.

• Prohibits workers' compensation benefits for injuries sustained while traveling to or from work, except when employee is required to travel away from employer's premises to perform job duties.

• Establishes new penalty provisions for workers' compensation fraud, including Class A misdemeanor for false statements and up to Class 1 felony for fraud exceeding $100,000 in value.

• Creates Workers' Compensation Premium Rates Task Force to study National Council on Compensation Insurance recommendations and feasibility of a nonprofit public corporation for workers' compensation insurance; requires report by December 31, 2017.