New Hampshire’s insurance department this week approved the National Council on Compensation Insurance’s advisory loss cost and rating values filing, to be effective Jan. 1, 2014. NCCI filed its request in August.
The approved voluntary loss cost change is a decrease of 6.5 percent on average, the insurance department said in its Oct. 15 bulletin. The average approved change for assigned risk rates is a decrease of 4.2 percent. The residual market loss cost multiplier for 2014 will be 1.609.
All insurers writing workers’ compensation coverage in New Hampshire are required to adopt and use NCCI’s workers’ compensation advisory loss cost and rating values effective Jan. 1, 2014. No filings are necessary unless the insurer wants to change its loss cost multiplier for 2014.
Source: New Hampshire Insurance Department