The Alabama Department of Insurance will hold a hearing Nov. 16 on a proposed, significant decrease in workers’ compensation loss costs and rating values.
A filing by the National Council on Compensation Insurance proposes a 10.5% overall average decrease in voluntary loss costs and 10.5% decrease for the assigned risk market, to take effect March 1, 2022, the department said in a bulletin.
The decrease, if approved by regulators, would follow a 4.4% increase in average voluntary loss costs in 2020, a 3.4% reduction in 2019 and a 6.4% cut in 2018.
The hearing will be held virtually, via internet connection, starting at 10 a.m. Central time. A link will be posted on the insurance department’s website closer to the hearing date. Anyone wishing to submit written comments should send them by Nov. 2 to the department’s chief counsel’s email address, John.McDonald@insurance.alabama.gov.
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