The Idaho Department of Insurance accepted a 11.5% reduction in rates, effective January 1, 2023.
This follows the National Council on Compensation Insurance submission of its annual rate recommendation to the Idaho Department of Insurance for review. NCCI’s recommendation is based on claims volume, claims utilization, workforce, and wages, as well as changes in rules or legislation.
Workers’ comp insurers can now either adopt the NCCI rates without modification or propose to the department’s review an adjustment from NCCI’s rates.
NCCI annually collects information about the workers’ compensation system and submits proposed rates to the state departments of insurance for review and approval.
Was this article valuable?
Here are more articles you may enjoy.
GEICO Sues Medical Firms in Florida, NY Over Alleged No-Fault Auto Fraud 
Trucking App Trucker Path Launches Retail Insurance Agency 
AWS Outage a ‘Moderate Incident,’ Another Near Miss for Insurance Industry 
‘Massive Legal Siege’ Against Social Media Companies Looms 
