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CT IC Approves Advisory Loss Costs And Assigned Risk Rates

09 Nov, 2009 WorkersCompensation.com

                               
Hartford, CT (CompNewsNetwork) - Thomas R. Sullivan, the Insurance Commissioner of Connecticut, approved the findings and recommendations of Thomas J. Taggart, for change in Advisory Loss Costs and a Change in Assigned Risk Rates for Workers' Compensation Insurance:
 
A. The 4.6% for uncollectible premiums for assigned risk be changed to 4.0%.
B. NCCI Administration & Servicing Carrier Other Expenses approve an increase to 5.20%.
C. Disapprove the removal of the premium discount for assigned risk policies.
D. Change in Statewide Average Weekly Wage -change the impact from 0.3% to 0.2%.
E. Approve the proposed increase in the maximum payroll for Executive Officers or Members of Limited Liability Companies from $1,200 per week to $1,300 per week.
F. Approve the proposed increase in the maximum payroll for Athletic Teams and Carnival-Traveling from $800 per week to $900 per week.
G. Approve the proposed Workers Compensation Commission industrial classification assessment fund rate to 2.3% of standard premium and "F" industrial classification assessment fund rate to 4.3% of standard premium for
voluntary market and assigned risk market insurers for policies effective on or after January 1,2010.
H. Waive the thirty (30) day advance filing requirement set forth in Conn. Gen. Stat. §38a-676(b) for filings received prior to January 1, 20 lOin order to allow for the adoption of the change in advisory pure premium loss costs effective January 1, 2010.

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