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Attention: Legislation Regarding Your Worker’s Compensation Policy

Golden Benchmark Insurance Services received communication recently regarding AB 2883 which affects officers, directors, and working partners. There has been a significant change in California worker’s compensation law that will take effect January 1, 2017.

Assembly Bill 2883 (AB 2883)

AB 2883 was signed into law August 26, 2016 and amends Labor Code sections 3351 and 3352. Beginning January 1, 2017, all workers’ compensation insurance policies will be required to cover certain officers and directors of private and quasi-public corporations and working members of partnerships and limited liability companies who may have been previously excluded from coverage.

Here is a brief overview of the changes as they apply to corporations, partnerships, and LLC’s.

Type of Company

Before AB 2883

After AB 2283

Corporation (Corporate Officer or Director)

Eligible to be Excluded from Worker’s Compensation Coverage

Eligible to be Excluded from Worker’s Compensation Coverage if Officer Owns 15% or more of the Corporation’s Issued and Outstanding Stock.

Partnership (General Partner) or Limited Liability Company (Managing-Member)

Eligible to be Excluded from Worker’s Compensation Coverage.

Eligible to be Excluded from Worker’s Compensation Coverage.

 

All declining employees must sign a waiver exclusion.

The carrier will audit all policies and identify those who will be affected by the law.

NOTE:

This law, as any other, is subject to interpretation by each carrier. We’ll be in touch within the next 30 days.

 

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