Insurance Commissioner Susan F. Cogswell approved two workers’ compensation filings submitted by the National Council on Compensation Insurance, both effective Jan. 1, 2001.
The voluntary market advisory loss costs (loss portion of a rate) will remain level with no overall increase. The cost for assigned risk plan policies will increase an average of 12.2 percent.
The overall changes in the two filings are distributed by major industry groups. Changes to individual classification costs are capped at 20 percent plus or minus the industry group change.
|
Industry Group
|
Advisory Loss Cost Assigned Risk Plan Change
|
Assigned Risk Plan Premium Level Change (%)
|
| Manufacturing |
+5.6%
|
+9.2%
|
| Contracting |
+3.1%
|
+6.6%
|
| Office & Clerical |
-3.2%
|
+0.1%
|
| Goods & Services |
-1.7%
|
+1.6%
|
| Miscellaneous |
-6.0%
|
-2.8%
|
| Overall change including assigned risk surcharge program |
0.0%
|
+12.2%
|
Individual insurance companies must file with the Insurance Department to adopt the voluntary market advisory loss costs (loss portion of a rate). The Commissioner has waived the normal 30-day waiting period so that companies may adopt the overall lower rates effective Jan. 1, 2001. The new rates are effective Jan. 1, 2001, for employers in the Assigned Risk Plan.
Topics Workers' Compensation Connecticut
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