Iowa Commissioner Approves Workers’ Comp Rate Hikes

Iowa’s top insurance regulator has approved a rate filing that increases workers’ compensation premium rates in that state beginning Jan. 1, 2013.

Iowa Insurance Commissioner Susan Voss on Nov. 6 issued an order approving an Aug. 9 rate filing submitted by the National Council on Compensation Insurance Inc. (NCCI).

The rate filing initially proposed a 7.9 percent increase beginning Jan. 1.

A subsequent amendment to the filing proposed a 3.9 percent rate increase beginning Jan. 1 for new and renewed polices with effective rating dates between Jan. 1 and June 30, 2013.

Effective July 1, 2013, policies with July 1 and later effective dates will receive the overall 7.9 percent rate increase as proposed from the rates effective Jan. 1, 2012.

All other rating and miscellaneous values in the filing remain as originally filed to be effective Jan. 1, 2013.

Source: Iowa Department of Insurance