On October 15, 2012, Connecticut Insurance Commissioner Thomas B. Leonardi announced a thirty (30) day public comment period in connection with the National Council on Compensation Insurance, Inc.’s (NCCI) filing for proposed 2013 voluntary loss costs and assigned risk rates.
NCCI has requested overall increases of 7.1% to Advisory Loss Costs and 0.4% to Assigned Risk Market Rates. The proposed changes vary depending on industry group classification, and the Contracting and Miscellaneous groups will be most significantly impacted if the 2013 rates are approved. In justifying the proposed overall increases, NCCI noted the following items:
- Lost-time claim frequency increased in 2010 following several years of decline.
- Average indemnity cost per case continues to increase at a slightly faster pace than wages.
- The average medical cost per case increased significantly in 2010 following a period of modest increases.
According to the notice, the Connecticut Insurance Department will not hold a public hearing. Therefore, any interested party wishing to provide comments on the filing must do so in writing. If you would like Edwards Wildman to assist you with preparing and submitting comments, please click the “Email the Editor” button and provide your contact information for follow-up by an Edwards Wildman attorney.
Click here to view the official press release.
Click here to view the NCCI filing.