Conn. Regulators Weigh Workers’ Comp Rate Hike Proposal

Connecticut Insurance Commissioner Thomas Leonardi announced a 30-day public comment period on the National Council on Compensation Insurance (NCCI) voluntary loss cost and assigned risk rate filing. The comment period, which was announced on Oct. 15, will run through mid-November.

NCCI is proposing that the insurance department approve a +7.1 percent change to the current voluntary loss costs and a +0.4 percent change to the current assigned risk rate level (both of which went into effect on Jan. 1, 2012) and that the new loss costs and assigned risk rates take effect on Jan. 1, 2013.

In the NCCI’s proposed overall average change in the voluntary loss cost level, key components include: a +7.1 percent for the experience and trend; a -0.7 percent change for benefits; a -0.2 percent change for loss-based expenses; and a +0.9 percent change for the offset for the change in employers liability ILF’s.

In the proposed overall average change in the assigned risk rate level, key components include: a +7.1 percent change for the experience and trend; a -0.7 percent change for benefits; a -6.4 percent change for the change in expenses; and +0.9 percent change for the offset for the change in employers liability ILF’s.

The insurance department does not plan to hold a public hearing. But interested parties can send comments to Thomas Taggart, the insurance associate examiner, at the P/C division of the insurance department.