COLO. COMP PREMIUM TO DECREASE
Beginning Jan. 1, 2006, the standard premium for workers’ compensation in Colorado will de-crease an average of 1 percent, as a result of an order signed by Colorado Insurance Commissioner David Rivera.
Although individual employer workers’ comp premiums are affected by many other rating factors, many Colorado employers will see a decrease in their premiums as a result of this action. This decrease follows last year’s average decrease of 5.4 percent.
On Aug. 1, 2005, the National Council on Compensation Insurance (NCCI) submitted its annual workers’ comp loss cost and rating values filing with a proposed average premium increase of 5.1 percent. As is customary, the Division of Insurance contracted with an independent actuary to review the filing to determine the reasonableness of the proposed change.
The Commissioner’s final decision was based on a Sept. 13, 2005, public hearing at the NCCI and the Division’s consulting actuary explained and defended their differing conclusions, and the public was given an opportunity to provide testimony.
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