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
Was this article valuable?
Here are more articles you may enjoy.
Zurich CEO Says Staff Let Go as Regulator Finma Imposes Partial Sales Ban 
Company at Center of Cyclospora Outbreak Complained to White House, Source Says 
Lemonade Posts $43M Loss for Q2 as it Continues to Grow Customer Base 
Former Insurance Agent Sentenced to Jail for Fraud, Again 
