State Roundup: Rates, premiums, and benefits
Alabama, Colorado, and Connecticut
- Alabama regulators to hear NCCI rate proposal. Alabama employers may be paying less for workers' comp rates as of March 2011. The state insurance department is holding a hearing Nov. 3 on NCCI's proposed overall decrease of 12.4 percent in voluntary loss costs and 8 percent for assigned risk policies. While Alabama Insurance Commissioner Jim L. Ridling must decide within 30 days, the decision is typically made within a few days of the hearing.
- Colorado rates going up.
Colorado employers will see the first loss costs increase in 10 years in 2011. Commissioner of Insurance Marcy Morrison said even though the frequency of claims went down, the cost of claims went up significantly, contributing to the overall 3.4 percent approved rate hike. Colorado had decreases in each of the past two years.
- Connecticut regulators to consider rate hike. NCCI has proposed an overall increase of 5.8 percent for pure premium loss costs and an average increase of 12.7 percent in assigned risk rates. A hearing on the proposal was scheduled for late October. If approved, the rate hike would take effect in January 2011.
Read more at the WorkersComp Forum homepage.
November 15, 2010
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