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Nevada Workers’ Comp Loss Costs See Small Increase In 2012

13 Mar, 2012 WorkersCompensation.com

                               Carson City, NV (WorkersCompensation.com) - Many Nevada employers will see a small increase in the premiums they pay for workers' compensation insurance in 2012.
 
Insurance Commissioner Scott J. Kipper has approved a filing from the National Council on Compensation Insurance (NCCI) for an average increase of 1 percent for Nevada workers' compensation voluntary insurance loss costs. The overall loss-cost increase for the voluntary market is driven by an increase of 1.6 percent in the Medical Fee Schedule, issued by the Division of Industrial Relations. The revisions will take effect on March 1, 2012. The approved loss costs and rates can be found on the Nevada Division of Insurance website at doi.nv.gov/spc/workerscomp.aspx.
 
While premium may increase for some employers, the overall performance of the Nevada market has been stable and competitive.
 
Nevada's assigned-risk workers' compensation rates for 2012 have decreased an average of 5.2 percent from 2011. This change will take effect on March 1, 2012. The reduction is due to the significant expense reductions in administering the assigned-risk program.
 
A stable and competitive workers' compensation market is one of the many reasons that Nevada is a great place to do business. Companies relocating to Nevada will also find a favorable tax climate and business-friendly corporate laws. For more information on the benefits of doing business in Nevada, visit the Nevada Governor's Office of Economic Development at diversifynevada.com.
 
If you have additional questions about workers' compensation insurance contact your workers' compensation agent or the Nevada Division of Insurance at doi.nv.gov.
 
About the Nevada Division of Insurance
The Nevada Division of Insurance protects the rights of Nevada consumers and ensures the financial solvency of insurers. The Division investigated nearly 2,000 consumer complaints during 2011. The total premium dollar amount of all lines of insurance in Nevada for 2010 was approximately $11 billion. The Division is an accredited member of the National Association of Insurance Commissioners, a national organization comprised of state insurance regulators dedicated to the development of good public policy in insurance.

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