Mississippi Regulator Reviewing 3.2% Workers’ Compensation Rate Cut

October 20, 2014

Employers in Mississippi could be paying less for workers’ compensation insurance as early as next March, pending approval of a rate filing at the Mississippi Insurance Department. The National Council on Compensation Insurance (NCCI) has filed an average 3.2 percent statewide rate reduction with the MID.

If the new rates are approved, they would become effective March 1, 2015

“At a time when we are seeing so many filings and rate requests for premium increases, this is a most positive indicator reflecting on the overall stability of the workers’ comp market in the state,” Insurance Commissioner Mike Chaney said.

In the filing, NCCI attributes the rate decrease in part to a growing economy and a decrease in claims frequency. The data from the insurers’ rating organization shows that 24,300 claims were filed in 2013, according to Chaney.

The NCCI filing is currently being reviewed by MID actuaries.

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