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
Related Articles:
Was this article valuable?
Here are more articles you may enjoy.
Florida’s Commercial Clearinghouse Bill Stirring Up Concerns for Brokers, Regulators 
Insurify Starts App With ChatGPT to Allow Consumers to Shop for Insurance 
Insurance Broker Stocks Sink as AI App Sparks Disruption Fears 
Insurance Issue Leaves Some Players Off World Baseball Classic Rosters 
