The Connecticut Department of Insurance will hold a public hearing Nov. 14 to consider workers’ comp filings submitted by the National Council on Compensation Insurance. NCCI’s filings for voluntary market pure premium loss costs and assigned risk plan rates are proposed to be effective Jan. 1, 2001.
“Since 1993, workers’ compensation rates have decreased cumulatively – 47.2 percent,” Insurance Commissioner Susan F. Cogswell said. “This will be the first year that there has not been an overall reduction proposed. However, there is no overall change proposed for the voluntary market loss costs. Rates proposed for the assigned risk plan reflect an increase.”
If approved by the department, individual insurance companies may adopt the Voluntary Market Advisory Loss Costs (loss portion of a rate). Each insurer will add in its own expenses, profit and other items to produce a final rate.
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