State Roundup: Rates, premiums and benefits
California, Florida, Iowa, and North Carolina
- California WCIRB revises proposed rate increase. California regulators are considering a new proposed increase of 27.7 percent in the overall pure premium rate level, effective January 2011. The Workers' Compensation Insurance Rating Bureau revised its earlier filing of 29.6 percent based on updated accident year experience valued as of June 30.
The change was requested after the WCIRB received updated information on claim frequency and revised claims count information subsequent to the Aug. 18 filing that more than offset an approximately 3 percentage point deterioration in loss experience between March 31, 2010 and June 30, 2010.
- Florida regulators assessing proposed rate hike. The National Council on Compensation Insurance has proposed an average 8.3 percent rate hike, effective January 2011. NCCI has indicated that claims frequency is flat and loss experience is deteriorating, and noted the calendar year combined ratio for 2009 was 103 percent compared to 88 percent the previous year.
- Iowa rates to increase. Employers will see their workers' comp rates increase 4.7 percent overall after approval of NCCI's proposal. The rate hike, effective January 2011, also includes an overall increase of 9.1 percent in assigned risk rates.
Regulators have also approved NCCI's proposed rule filing, which affects the premium installment schedule for workers' comp insurance for assigned risk policies. It amends the assigned risk deposit premium rules located in NCCI's Basic Manual for Workers' Compensation and Employers Liability Insurance Rule 3-A-6.
- North Carolina Insurance Commissioner pondering rate hike. Employers might see their rates increase by an overall average of 1.2 percent. Insurance Commissioner Wayne Goodwin has until November to consider the proposed rate hike submitted by the North Carolina Rate Bureau. Also included is an overall average increase of 5.5 percent in the assigned risk markets.
Read more at the WorkersComp Forum homepage.
November 1, 2010
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