CID: Executive Summary and Public Comment For NCCI On Compensation Insurance

{Connecticut Insurance Department}
STATE OF CONNECTICUT
Insurance Department
 
 
Thomas B. Leonardi
                               Commissioner                                      
 
 
FOR IMMEDIATE RELEASE
 CONTACT: 
Thomas Taggart
 
PHONE: 
860-297-3837
FAX: 
860-297-3941
October 15th, 2012
E-MAIL: 

Executive Summary and Public Comment For
National Council On Compensation Insurance
Rate/Loss Cost Filing Effective January 1, 2013
 
 
 
Hartford, CT Today, Commissioner Thomas B. Leonardi announced a thirty (30) period of public comment on the National Council On Compensation Insurance (NCCI) voluntary loss cost and assigned risk rate filing.  Below the Department has outlined the filing and provided links to the filing including supporting documentation.  The Department does not intend to hold a public hearing concerning this filing.  However, interested parties are encouraged to provide comments concerning the subject filing to Thomas Taggart, Insurance Associate Examiner at the address provided below or via email. 
 
NCCI is proposing that the Department approve a +7.1% change to the current voluntary loss costs and a +0.4% change to the current assigned risk rate level (both of which went into effect on 1/1/2012) and that the new loss costs and assigned risk rates take effect on 1/1/2013.
 
The proposed change in Advisory Loss Costs reflects the following pure premium level changes:
 
Industry Group
Voluntary Market
Pure Premium Loss cost
Change (%) 
Manufacturing +6.8 
Contracting +9.9 
Office & Clerical +0.9 
Goods & Services +7.6 
Miscellaneous +8.8
   
Overall Change +7.1% 
 
 
 
The proposed change in Assigned Risk Market Rates reflects the following rate level changes:
 
Industry Group
Assigned Risk Plan
Rate Change (%) 
Manufacturing +0.1
Contracting +3.0
Office & Clerical -5.4
Goods & Services +0.9
Miscellaneous +2.0
   
Overall Change +0.4% 
 
 
 
The key components of the Advisory Loss Costs and Assigned Risk Market Rate changes are comprised of the following elements:
 
Key Component
Pure Premium
Voluntary Market
Change (%) 
Assigned Risk Premium
Level Change (%) 
Experience and Trend +7.1  +7.1 
Benefits -0.7  -0.7 
Loss-Based Expenses -0.2  N/A 
Expenses N/A  -6.4 
Offset for Change in Employers Libility ILF's +0.9  +0.9 
     
Overall Change +7.1%  +0.4% 
 
 
The public may contact Thomas Taggart in the Property and Casualty Division with questions and comments concerning this filing.
 
Thomas Taggart
Insurance Associate Examiner
Property & Casualty Division
Connecticut Insurance Department
PO Box 816 
Hartford, CT  06142-0816
Telephone: 860-297-3837
Facsimile:   860-297-3941
E-mail:       Thomas.Taggart@ct.gov


Content Last Modified on 10/15/2012 2:25:26 PM