The Rhode Island Department of Business Regulation approved this month a 7.4 percent overall voluntary loss cost increase for new and renewal workers’ compensation policies. The change will take effect in August.
The National Council on Compensation Insurance (NCCI) had submitted an advisory loss costs and rating values filing to the Rhode Island Director of the Department of Business Regulation last November. That filing proposed an overall loss cost level increase of 8.0 percent for industrial classes and a loss cost level decrease of 2.4 percent for F-classes.
On June 19, 2013, the Rhode Island Department of Business Regulation issued its final rate order. NCCI submitted a compliance filing to the department on July 1 and received approval of that filing. The department approved a change resulting in an overall loss cost level increase of 7.4 percent for industrial classes and a loss cost level decrease of 3.0 percent for F-classes to be effective Aug. 1, 2013 for new and renewal policies.
The approved compliance filing follows the department’s rate order to implement an overall voluntary loss cost level (including LAE) increase of 7.4 percent for industrial classes and an overall loss cost level (including LAE) decrease of 3.0 percent for F-classes. The loss costs (including LAE) and rating values are effective August 1, 2013, for new and renewal policies.
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