To pay workers’ compensation indemnity claims
InsurCard has obtained approval from over 30 state workers’ compensation boards and industrial commissions for its InsurCard Visa Prepaid Card. The company achieved this with the legal assistance of law firm, Stroock & Stroock & Lavan LLP. InsurCard Visa Prepaid Card can be used to pay workers’ compensation claims, said the company.
The Card, issued by the Bancorp Bank, is a network reloadable prepaid card designed to pay workers’ compensation indemnity claims.
Each pay period, payments are automatically deposited into the injured claimants’ InsurCard account. The InsurCard Prepaid Card program provides a safer and more convenient alternative to paper checks, claims InsurCard.
Stroock & Stroock & Lavan provided legal assistance to InsurCard. It also contacted workers’ compensation regulators in over 30 states to confirm that the InsurCard would be an acceptable method of paying workers’ compensation claims.
InsurCard is a wholly-owned subsidiary of Service Network Design, LLC (SND), a management consulting firm with corporate financial clients in both the insurance and prepaid card industries.