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.
How One Fla. Insurance Agent Allegedly Used Another’s License to Swipe Commissions 
Judge Awards Applied Systems Preliminary Injunction Against Comulate 
Trump’s EPA Rollbacks Will Reverberate for ‘Decades’ 
A 10-Year Wait for Autonomous Vehicles to Impact Insurers, Says Fitch 
