The Ownership Information Submission feature in WCIRB Connect provides insurers, agents and brokers a convenient way to notify the WCIRB of relevant ownership information for their policyholders. Use the Ownership Information Submission tool to alert the WCIRB when:
To ensure ownership information submissions are processed timely and accurately, it is important to have the answers to the questions listed below 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, please be prepared to provide ownership percentages. If the business was owned by a legal entity like a partnership or corporation, please 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 or only a minority? 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?
Finally, please be prepared to explain what happened in your own words. If your client has provided a letter explaining what happened, 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:
If you only have detailed ownership information for your client’s business, please provide as much information as you can for the other business(es) in your submission to the WCIRB.
If you have a topic that you would like covered in a future News and Notes, email [email protected].