You do have a choice in retro programs
In an effort to offer greater membership benefits, we have a new product for you – our own, more cost-effective workers compensation industrial insurance retrospective rating program (retro). The new program is called GRIP, an acronym for Group Retrospective Insurance Program.
 We have been extremely concerned about the shrinking refunds, high up-front enrollment costs and fee deductions associated with the BIAW ROII plan. Last year the ROII refund dropped to 9%, and this year dropping even lower to 4.6% while competing Retro plan refunds range from 22% to 43%. If this pattern continues, group participants will risk severe penalties next year. We know you deserve more from your workers compensation industrial insurance program and have worked with regulators and consultants to bring you an improved, more efficient and financially beneficial program.
You now have the choice of our new GRIP program or your current BIAW ROII program. When compared (see table below), our new program is clearly more beneficial.
COMPARISON OF MBA GRIP AND BIAW ROII PROGRAMS
|
Type of Benefits |
GRIP Program |
ROII Program |
|
Annual Enrollment Fee |
$99 (refundable, one time) |
1.5% of premium or $150, whichever is greater (non-refundable) |
|
Sponsor Fee |
10% of net refund |
20% of net refund |
|
Re-Enrollment Process |
Automatic |
Not automatic |
|
Transparent Accounting |
Yes |
No |
|
Penalty Risk |
10% of premiums paid |
40% of premiums paid |
As you can see, GRIP is designed to eliminate your up-front costs and increase the dollar amount of your refund and minimize risk. Rest assured that your future refunds from BIAW will not be jeopardized. By law, you are entitled to past years ROII refund payments, even if you join another Retro program.
Compare our program to theirs! Click here.
What classifications do we cover? Click here.
For more information about the program or how to enroll, contact Larry Chimenti at (425) 460-8204 or lchimenti@mbaks.com.
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