Membership Count
ICRB membership totaled 672 carriers as of August 2008, with about 280 carriers actively writing business.*
Membership consists of all carriers with a class IIB license to write workers compensation insurance, as granted by the Indiana Department of Insurance.
New carriers entering the Indiana workers compensation market in recent years:
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2008: 11
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2007: 18
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2006: 4
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2005: 6
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2004: 3
*based upon the ICRB assessments which use previous year's premium writings
State Ranking by Insurance Company Count
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Of 51 jurisdictions, Indiana ranks second in number of insurance companies writing workers compensation in the state at 391. The largest state is Illinois with 404 companies.
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Indiana ranks 22nd in WC direct written premium ($796 million). California has the most premium with $9 billion and the monopolistic fund states would have the least.
Source: AM Best Database Services, Custom Report Project PB42-18367; 2007 data year; produced 6/16/08
Statute References
27-7-2-3. Rating bureau - Members.
After July 1, 1935, every insurance company authorized to effect worker's compensation insurance in this state shall be a member of the worker's compensation rating bureau of Indiana. The bureau shall be composed of all insurance companies lawfully engaged on July 1, 1935, wholly or in part in making worker's compensation insurance in Indiana or who shall after July 1, 1935, be issued a certificate of authority to make worker's compensation insurance in this state.
27-7-2-8. Membership.
The bureau shall admit to membership every company lawfully engaged in whole or in part in writing worker's compensation insurance in Indiana.
27-7-2-9. Apportionment of costs - Review - Decision.
The charges and expenses incident to the establishment and operation of the bureau shall be borne equitably and without discrimination among the members of the bureau. If any member is aggrieved by an apportionment of the cost or costs made by the bureau or by failure of the bureau to make such equitable apportionment, it may in writing petition the commissioner for a review of such apportionment or failure to act. The commissioner shall upon not less than five (5) days' notice to each member hold a hearing upon such petition at which time all members shall be entitled to be heard. And said commissioner shall determine the matter or matters and mail a copy of his decision to each member of the bureau. The decision of the commissioner shall be final. [Acts 1935, ch. 323, § 9, p. 1541.]
ICRB $250 Minimum Assessment
Any insurance company that carriers a Class 2B insurance license in the state of Indiana (Class 2B is for workers compensation insurance) is automatically a member of the bureau per Indiana Code IC 27-7-2-3. Therefore, the $250 minimum assessment is valid for carriers that do not have sufficient direct written premium to qualify for quarterly assessments. The ICRB issues the $250 minimum assessment invoices each July.
List of Members
1) This link contains contains the current list of ICRB Members, in alphabetical order.