Revise workers' compensation laws relating to competitive markets

HB 727 revises workers' compensation insurance laws to enhance oversight of market competition. It requires the commissioner to annually measure market concentration among workers' compensation insurers, including the state fund, using the Herfindahl-Hirschman index. If this index indicates a non-competitive market (over 1,800), the commissioner must hold a public hearing to confirm the finding. Following confirmation, the commissioner is mandated to implement corrective actions. These measures can include promoting new insurers, limiting large mergers, or restricting premiums written to a monopoly carrier, all aimed at restoring a reasonable degree of competition.