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.
Was this article valuable?
Here are more articles you may enjoy.
Travelers Stranded by War Learn Insurance Won’t Cover Flight Cancellations 
Death and Destruction at Orlando I-4 Project But Punitive Damages Not Allowed 
Kyle Busch and Wife Settle Lawsuit With Pacific Life and Insurance Agent 
Study: AI May Be Tempering Insurer Hiring From This Issue
