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.