Colorado To Hold Workers’ Compensation Loss Cost Hearing

Colorado’s Division of Insurance announced it will be holding a public hearing on Sept. 17, 2009, to discuss the workers compensation loss cost filing submitted by the National Council on Compensation Insurance.

NCCI has recommended an average decrease of 9.3 percent in workers’ compensation rates for 2010 coverage in Colorado.

NCCI is a rating and advisory organization that collects annual data on workers’ compensation claims for the insurance industry, and publishes loss costs that form the basis for all workers compensation premium determinations. NCCI provides this information for approximately 38 of the states. All insurers in Colorado use the NCCI loss costs as a base. Each insurer’s own expenses are added to the NCCI’s loss costs to arrive at the rates charged to employers, according to the DOI.

Source: DOI