R.I. Approves WC Advisory Loss Costs Increase of 2.5% for Industrial Classes

Rhode Island’s Department of Business Regulation, Insurance Division, on May 15 approved a +2.5 percent overall increase in advisory loss costs for workers’ compensation for industrial classes and an overall increase of +5.4 percent for “F” classes.

The approved increases are smaller than the previously requested amount from the National Council on Compensation Insurance’s (NCCI) filing last November, which called for a +3 percent overall increase in advisory loss costs for industrial classes and +5.9 percent for “F” classes.

The Department of Business Regulation said the the increases in advisory loss costs would be for use in Rhode Island beginning Aug. 1, 2014. The Department has directed NCCI to make a compliance filing consistent with the approval no later than June 1, 2014.

Source: The Rhode Island Department of Business Regulation, Insurance Division

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