Maine Insurance Superintendent Eric Cioppa said the Bureau of Insurance has approved the National Council on Compensation Insurance’s request to decrease workers’ comp loss costs in the state by an average of 3.2 percent for policy year 2012. He said the approved cut in loss costs should reduce premiums in the insured market by about $6.1 million per year. Insurers may modify the NCCI loss costs and must select their own expense and profit factor in setting rates. The 3.2 percent reduction is an average. While some businesses will experience an increase, most employers will realize a decrease.
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