The National Council on Compensation Insurance Inc. has filed a workers’ compensation rate proposal in Iowa that would increase voluntary and assigned risk rates by 2.7 percent from the current rates that became effective Jan. 1, 2015, the state insurance department announced.
The filing has a proposed effective date of Jan. 1, 2016, for new and renewal policies.
In a letter to Insurance Commissioner Nick Gerhart, NCCI said that with a proposed reduction in the expense constant from $260 to $160 and a proposed increase in the maximum minimum premium from $800 to $900, the overall average premium increase is 2.2 percent.
Source: Iowa Insurance Department
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