On Feb. 20, Maine Insurance Superintendent Eric Cioppa announced approval of the National Council on Compensation Insurance, Inc.'s (NCCI) 2018 loss costs for Maine, filed earlier this year. The rate request proposed an average loss cost decrease of 12%. Thanks to Cioppa's approval, the new NCCI loss costs are effective April 1, 2018, for new and renewing policies.
“Maine employers' efforts to improve workplace safety, return injured workers to their jobs in a timely manner, and control medical costs continue to pay off,” Cioppa said in a statement. “This most recent decrease should result in lower workers' compensation premiums on average across all industry groups.”
According to Cioppa, the recently filed NCCI loss costs represent a cumulative decrease of 59.5% since the 1992 workers' compensation reform. He estimates that if all insurers fully adopt the decrease, Maine businesses could save about $27 million following implementation.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
