The National Council on Compensation Insurance (NCCI) has just filed with the CT Department of Insurance (CTDOI) its annual recommendations for advisory loss costs, assigned risk rates and rating values. According to this filing, NCCI generally recommends the following reductions:
“The voluntary advisory loss costs, which are proposed to be effective January 1, 2020, reflect an overall average change of -2.9% from the current voluntary advisory loss costs which became effective January 1, 2019.
The assigned risk rate, also proposed to be effective January 1, 2020, reflect an overall average change of -4.5% from the current assigned risk rates which became effective January 1, 2019.”
This is tremendous news and reflective of years of cost decreases.
In response to this filing, the CTDOI announced a thirty (30) day period of public comment. According its announcement of this public comment period:
“The [CTDOI] has summarized the filing and provided a link to the filing including supporting documentation. The [CTDOI] does not intend to hold a public hearing concerning this filing. However, interested parties are encouraged to provide comments concerning the subject filing to Cathleen Cirone, Insurance Associate Examiner at the address provided below or via email.
[As stated above,] NCCI is proposing that the Department approve an overall average change of -2.9% to the current voluntary loss costs and an overall average change of -4.5% 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, 2020.
See the complete announcement from the CT Department of Insurance online.