The Ownership Information Submission feature in WCIRB Connect is a convenient way for insurers, agents and brokers to notify the Workers’ Compensation Insurance Rating Bureau of California (WCIRB) of relevant ownership information for their policyholders.
Use the Ownership Information Submission tool to alert the WCIRB when:
Agents and brokers can access the Ownership Information Submission feature by clicking on the Submit Ownership Information button on the top ribbon of the “Policyholder Details” page of WCIRB Connect.
Insurers can access the feature by clicking on the Submit Ownership button on the top ribbon of the “View Policy” page on WCIRB Connect.
The Ownership Information Submission feature guides you through a series of prompts to ensure that you provide detailed and accurate ownership change information. Have the answers to the following questions ready when using the Ownership Information Submission tool:
When did the change or sale happen?
Who owned the business before the change or sale?
For a corporation, be prepared to provide ownership percentages. If the business was owned by a legal entity like a partnership or corporation, provide the names of the individuals who own the legal entity.
Who owned the business after the change or sale?
Are the new owners family members of the prior owners?
Be prepared to tell us how they are related – not all family members are treated the same way for experience rating purposes.
Are the prior owners still in business?
What happened to the employees?
If the prior owners are still in business, did the new owners take most of their employees? If the prior owners are no longer in business, did the new owners make any drastic staffing changes, or are most of the prior owner’s employees now working for the new owners?
Do the new owners own any other businesses?
If your client has provided a letter explaining the circumstances, you can upload it via the online tool.
Who owns each of the businesses involved?
You will need to provide complete information about your client, including business address, policy information (such as insurer, policy number and policy effective dates) and ownership type and breakdown. For example, if the business is a corporation, provide owners’ names and percentages of ownership.