Nevada Commissioner Approves Workers’ Comp Rate Decrease

January 21, 2010

Nevada Insurance Commissioner Scott Kipper has approved a filing for an average decrease of 7.6 percent for workers’ compensation insurance voluntary loss costs and a 3.7 percent average decrease for workers’ compensation assigned risk rates.

The filing was submitted by the National Council on Compensation Insurance, Inc. (NCCI). The changes are effective March 1, and will apply to risks as of their anniversary rating dates.

The reduction, specifically a reduction in loss costs, is based upon Nevada employers’ experience and future projections. Commissioner Kipper stated that NCCI loss cost is only one component of the rates charged by insurers. Each insurer must file a loss cost multiplier that is used to determine final workers’ compensation rates.

For more information regarding this filing, including links to the Assigned Risk Rates and Advisory Loss Costs, visit the Property and Casualty Workers’ Compensation section of the DOI’s Web site at: http://doi.nv.gov/spc/workerscomp.aspx.

Source: DOI

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