Nevada: WC rates may drop by more than 7 percent, commissioner says
Insurance Commissioner Scott Kipper said NCCI recommended dropping the rates due to a reduction in claims frequency, which he partly attributed to a stronger focus on workplace safety in the state. If approved, the proposed changes will take effect March 1.
Kipper said the reduction, specifically a decrease in loss costs, is based on Nevada employers' experience and future projections. The 7.6 percent average decrease is for the workers' comp voluntary market. NCCI filed an average decrease of 3.7 percent for workers' comp coverage in the assigned risk program.
The NCCI loss cost is only one component of the rates charged by insurers in Nevada. Kipper said each insurer must file a loss cost multiplier that is used to determine final workers' comp rates.
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January 18, 2010
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