STATE INSURANCE DEPARTMENT CONSIDERS 8-14% DROP IN 2022 WORKERS COMP RATE FILING – SEEKS PUBLIC COMMENT
Commissioner Andrew N. Mais issued a department notice recently 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…

