| FOR IMMEDIATE RELEASE September 27, 2021 |
CONTACT: Jim Carson, Communications Director 860-297-3958 Jim.Carson@ct.gov |
STATE INSURANCE DEPARTMENT CONSIDERS 8-14% DROP IN 2022
WORKERS COMP RATES – SEEKS PUBLIC COMMENT
Commissioner Andrew N. Mais issued a department notice on September 24 announcing a thirty (30) day period of public comment on the National Council on Compensation Insurance’s (“NCCI”) voluntary loss cost and assigned risk rate filing.
NCCI is proposing that the Department approve an overall average change of -14.1% to the current voluntary loss costs and an overall average change of -8.2% to the current assigned risk rate level.
This is the 8th year in a row the department has received a filing requesting an overall decrease to Workers’ Comp rates. The filing is currently under actuarial review and if the decrease is approved, businesses will see these costs continue to decline in 2022.
The new loss costs and assigned risk rates which are the subject of the Public Notice take effect on January 1, 2022.
The Connecticut Insurance Department has summarized the filing and provided a link to supporting documentation, here:
- Voluntary Loss Costs, Assigned Risk Rates, and Rating Values Filing Proposed Effective January 1, 2022
- Industry Group Summary
Additional information is included in the September 24 department notice.
The public is encouraged to submit comments concerning the filing to Cathleen Cirone, Insurance Associate Examiner, via email at Cathleen.Cirone@ct.gov by October 25, 2021. There is no public hearing scheduled for this filing.