On Monday, August 27, the National Council on Compensation Insurance (NCCI) filed a proposed average 13.4 percent decrease in workers’ comp rates with the Office of Insurance Regulation.
If approved, the proposed rate decrease would take effect January 1, 2019 for new and renewal policies. This is NCCI’s experience filing that is made every year, and NCCI pointed to improved loss experience as the reason for the decrease.
The Office of Insurance Regulation (OIR) will have to approve or ask NCCI to modify the filing before it takes effect.
- This is just a filing with OIR; and
- This is an average of the industries. The specifics relating to construction will not be known until OIR has completed it’s review.
- FHBA will continue to provide updates on the progress of this proposed rate increase. Stay tuned.