Nevada Insurance Commissioner Alice Molasky-Arman approved the proposed filing submitted by the National Council on Compensation Insurance (NCCI) for an overall workers’ comp premium increase of 6.3 percent. The new rates become effective on July 1, 2000 for new business and on policy anniversary dates for renewals.
The premium increase reflects a combined manual rate decrease of 1.9 percent and a standard premium increase of experience rated risks of 8.3 percent. The increase in the experience modifications is necessary because the formula was not in balance in the first year of conversion to a competitive market. Prior to July 1, 1999, the overall experience modification was 0.84 percent.
The approved changes promote stability while bringing the plan closer to balance. Workers’ comp rates were increased an overall average of 6.4 percent, effective in January 2000, due to benefit increases approved during the 1999 legislative session. Beginning July 1, 2000, Nevada law will allow insurers to deviate a maximum of 15 percent below the NCCI rate established.
Was this article valuable?
Here are more articles you may enjoy.
Progressive Q4 Income Up 25%; CFO Sauerland to Retire in July 
20,000 AI Users at Travelers Prep for Innovation 2.0; Claims Call Centers Cut 
Howden-Driven Talent War Has Cost Brown & Brown $23M in Revenue, CEO Says 
Hot Sauce Company Sues Manufacturer Over Exploding Bottles 
