Notice of Public Comment For NCCI Rate and Loss Cost Filing Effective January 1, 2016
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STATE OF CONNECTICUT
Insurance Department
Katharine L. Wade
Commissioner
|
FOR IMMEDIATE RELEASE |
CONTACT: |
Thomas Taggart |
PHONE: |
860-297-3837 |
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| September 28, 2015 | E-MAIL: |
Executive Summary and Notice of Public Comment For
National Council On Compensation Insurance
Rate and Loss Cost Filing Effective January 1, 2016
National Council On Compensation Insurance
Rate and Loss Cost Filing Effective January 1, 2016
To view the filing:
Click here to view the filing in PDF: Voluntary Loss Costs And Assigned Risk Rates Proposed Effective January 1, 2016
Or
Access it through the CID’s new online SERFF site (see instructions below)
To review the filings in SERFF go to Form Filing on the Department’s website
- Select BEGIN SEARCH
- Scroll down and select ACCEPT to enter the CT SERFF system
- Select PROPERTY & CASUALTY under Business Type
- Type in NCCI under Company Name
- Enter 9/24/2015 under Submission Date
- Select SEARCH and click on the first filing
Hartford, CT – Today, Commissioner Wade announced 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. Below, the Connecticut Insurance Department (“Department”) has summarized the filing and provided a link 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 -3.9% change to the current voluntary loss costs and a -6.3% change to the current assigned risk rate level. The new loss costs and assigned risk rates which are the subject of this Public Notice take effect on January 1, 2016.
The proposed change in Advisory Loss Costs reflects the following pure premium level changes:
| Industry Group | Voluntary Market Pure Premium Loss cost Change (%) |
| Manufacturing | -3.5% |
| Contracting | -6.0% |
| Office & Clerical | -6.3% |
| Goods & Services | -3.0% |
| Miscellaneous | -1.4% |
| Overall Change | -3.9% |
The proposed change in Assigned Risk Market Rates reflects the following rate level changes:
| Industry Group | Assigned Risk Plan Rate Change (%) |
| Manufacturing | -5.9% |
| Contracting | -8.4% |
| Office & Clerical | -8.6% |
| Goods & Services | -5.5% |
| Miscellaneous | -3.9% |
| Overall Change | -6.3% |
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 | -4.1% | N/A |
| Benefits | +0.3% | N/A |
| Loss-Based Expenses | -0.1% | N/A |
| Change in Assigned Risk Lost Cost Multiplier | N/A | -2.5% |
| Overall Voluntary Loss Cost Level Change | N/A | -3.9% |
| Overall Change | -3.9% | -6.3% |
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
P.O. Box 816
Hartford, CT 06142-0816
Telephone: 860-297-3837
E-mail: Thomas.Taggart@ct.gov
Insurance Associate Examiner
Property & Casualty Division
Connecticut Insurance Department
P.O. Box 816
Hartford, CT 06142-0816
Telephone: 860-297-3837
E-mail: Thomas.Taggart@ct.gov