The New Hampshire Insurance Department has approved a workers’ compensation voluntary market loss cost rate decrease averaging 3.9 percent and an average decrease of 4.6 percent for assigned risk rates.
The revised rates will become effective Jan. 1, 2006.
The ruling by Commissioner Roger Sevigny came in response to a September filing by the National Council on Compensation Insurance on behalf of workers’ comp carriers.
All companies writing workers’ comp coverage in the state are required to use NCCI’s loss cost and rating values beginning in 2006.
Insurers can file for permission to use a higher loss cost multiplier for the residual market if they want. Many insurers currently use a 1.610 multiplier.
Sevigny reminded insurers that any insureds receiving a premium quote higher than what would be charged by the assigned risk plan must be told that they may obtain coverage at a lower price through the assigned risk plan.
The department also announced that the maximum minimum premium has been changed from $750 to $850 under the assigned risk plan.
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