Weigh in on Proposed Changes
The WSIB has introduced dramatic reforms that could change just about everything regarding how the Board classifies employers, assigns annual premiums and measures employer’s performance from year to year.
The WSIB Proposal includes the following key changes:
- Introduction of the North American Industry Classification System. This will reduce the number of rate groups from 155 to 22. Each employer would be assigned a single class based on their predominate business activity.
- Premiums in each of the 22 classes would be risk adjusted based on an employer’s last 6 years of claims experience and insurable earnings. Each employer would be placed into a risk band. This new system would replace the current experience programs NEER, MAP and CAD-7.
The first phase of the consultation process is on now until June 30, 2015. Read more about the reforms at Rate Framework Reform.
