Connecticut Department of Insurance
09/20/2024 | Press release | Distributed by Public on 09/20/2024 14:53
NOTICE OF PUBLIC COMMENT FOR NATIONAL COUNCIL ON COMPENSATION INSURANCE RATE AND LOSS COST FILING, EFFECTIVE JANUARY 1, 2025
September 20th, 2024
Notice Of Public Comment For
National Council On Compensation Insurance
Rate and Loss Cost Filing Effective January 1, 2025
To view the filing:
Click here to view the filing in PDFs:
(This rate filing is in a protected PDF format provided by the NCCI. If you need to access the content in an alternate format please contact NCCI representative Justin Moulton at [email protected])
Or
Access it through the CID's online SERFF site (see instructions below)
To review the filings in SERFF go to "SERFF Filing Access For Form And Rate Filings " 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 9/10/2024 under both the "Start Submission Date" and "End Submission Date"
- Select SEARCH and click on the "Rate" filing
Commissioner Andrew N. Mais today 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. 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 the Property & Casualty Division at the address provided below or via email.
NCCI is proposing that the Department approve an overall average decrease of 6.1% to the current voluntary loss costs and an average decrease of 6.2% 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, 2025.
Reported COVID-19-related claims have been excluded from the data on which this filing is based for claims prior to July 1, 2023 to better reflect the conditions likely to prevail during the proposed effective period. As a result of approved Item E-1410, claims attributable to COVID-19 with accident dates on or after July 1, 2023 are no longer treated as catastrophic claims.
The proposed change in Voluntary Market Loss Costs reflects the following loss cost level change, and the proposed change in Assigned Risk Market Rates reflects the following rate level changes:
| Industry Group |
Voluntary Market Average Loss Cost Level Change (%) |
Assigned Risk Market Average Rate Level Change (%) |
|---|---|---|
| Manufacturing | -8.0% |
-8.1% |
| Contracting | -6.9% | -7.0% |
| Office & Clerical | -5.6% | -5.7% |
| Goods & Services | -5.2% | -5.3% |
| Miscellaneous | -5.7% | -5.8% |
| Overall Change | -6.1% | -6.2% |
The key components of the Voluntary Market Loss Costs and Assigned Risk Market Rate changes are comprised of the following elements:
| Key Component |
Voluntary Market Average Loss Cost Level Change (%) |
|---|---|
| Change in Experience | -6.3% |
| Change in Development | -0.1% |
| Change in Trend | -1.1% |
| Change in Benefits | +0.5% |
| All Other (includes loss based expenses/expenses) | +1.0% |
| Overall Voluntary Lost Cost Level Change | -6.1% |
|
Assigned Risk Market Average Rate Level Change (%) |
|
|---|---|
| Voluntary Loss Cost Level Change | -6.1% |
| Change in Assigned Risk Multiplier | -0.1% |
| Overall Assigned Risk Rate Level Change | -6.2% |
The public may contact the Insurance Department's Property and Casualty Division with questions and comments concerning this filing.
Property & Casualty Division
State of Connecticut
Insurance Department
P.O. Box 816
Hartford, CT 06142-0816
Telephone: (860) 297-3800 or 1(800) 203-3447
E-mail: [email protected]