Document zQexd5DREw7oN71XxG7Rw1dr6

FILE NAME Newspaper & Magazine Articles NMA DATE 1937 Aug 18 DOC NMA126 DOCUMENT DESCRIPTION NYT - Most Illinois Insurance Firms Accept New Risk VILASI VILASI ILLINOIS INSURANCE FIRMS ACCEPT NEW RISK INSURANCE Daily Tribune 1872-1963 Aug 18 1937 ProQuest Historical Newspapers Chicago Tribune 1849 - 1986 Chicago pg MOST ILLINOIS INSURANCE FIRMS ACCEPT NEW RISK Register to Give Coverage on Hazardous Jobs Fifty of the 73 insurance com- panies eligible to participate in the state cocupational insurance program have accepted terms of the new Aft which became effective July 1 Joseph P Cronin security supervisor of the Illinois industrial commission reported yesterday The remaining 17 companies must comply by Sept. 1 he said or face loss of their licenses to do business in Illinois Under the present law_all_cpm- law_all_cpm- law_all_cpm- panies writing compensation insur ance in this state must join pools which pay off losses resulting from insurance of workers in occupations regarded as too hazardous to be accepted as risks by standard com- panies The recent act provides ^,pverage for employers under the occypational diseases act which became effective Oct. 1 1986 Employers Sook Aid Approximately 60 employers of men in hazardous occupations already haye applied to the state industrial com mission for help in obtaining insuranco Cronin sald Then of these em- ployers have been assigned to spe cific insurance companies he said and the others will be assigned with- in the next few weeks The recent act calls for the forma- tion of separate pools for stook and mutual companies Cronin asserted Under the act the industrial commis sion can assign high risks to spo cific companies which retain 30 per cent of premiums collected and pay 70 per cent to the pool which they have joined All losses are paid by the pool and the 50 per cent retained by the company is compensation for writing and servicing the poliales Board to Regulate Nates Cronin also said that under powers granted by the act the commission can serve as an appellate body for complaints by employers against high rates charged by companies insyring workers in hazardous occupations Whenever complaints are received hearings will be held and the ratos ordered reduced if found too high he said The new law will permit all em- ployers to obtain Insurance regardless of the occupation Cronin asserted Employers in industries calling for contact with asbestos silicon and concentrated ahemicals will find the Jaw partjaularly beneficial he indi cated since few such risks would formerly be accepted by most companies except at high rates No employer is required to carry insurance he said but workers for pongerne not carrying insurance have recourse at law for occupational diseases as de fined within terms of the occupa- tional disease law Reproduced Reproduced with reproduction the copyright owner Further prohibited prohibited without