According to the Iowa Insurance Division, the recent filing called for an overall increase in rates of 2.3 percent. Included in the filing is an increase in the minimum premium from $300 to $350 for four farm employment classification codes (0016, 0036, 0037, and 0083). If approved, the rates would go into effect on Jan. 1, 2010.
The change in advisory rates varies depending on the job classification code. Each classification belongs to one of five industry groups. The average change proposed for each of these five groups is 2.3 percent. The breakdown of the specific codes includes:
- Manufacturing -- 0.2 percent recommended decrease in rates.
- Office and clerical -- 4 percent recommended increase in rates.
- Contracting -- 3.4 percent recommended decrease in rates.
- Goods and services -- 8 percent recommended increase in rates.
- Miscellaneous -- 2.5 percent recommended increase in rates.
Policyholders and established organizations with one or more workers' comp policyholders among its members may request a hearing from the state's commissioner of insurance regarding the rate filing.
Read more at the WORKERSCOMP ForumTM homepage.
September 10, 2009
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