Concord, NH – The State of New Hampshire Insurance Department recently approved the National Council on Compensation Insurance’s Advisory Loss Cost and Rating Values filing dated August 2, 2013 to be effective January 1, 2014.
The approved voluntary loss cost change is a decrease of 6.5% on average. The average approved change for Assigned Risk rates is a decrease of 4.2%. The residual market loss cost multiplier for 2014 will be 1.609. Insurers should continue to refer to a previous Bulletin (Docket No. INS No. 12-039-AB, issued November 2, 2012) for additional information on incorporating the cost of the NH WC Administration Fund Assessment into their rates for voluntary coverage.
In line with the department’s July 1, 1995 directive, all insurers writing Workers’ Compensation coverage in the State of New Hampshire are required to adopt and use NCCI’s we Advisory Loss Cost and Rating Values effective January 1, 2014. No filings are necessary unless the insurer wants to change its loss cost multiplier for 2014. Approval of any such filing will be contingent upon the submission of appropriate justification along with a completed Form RFF-l, Prospective loss Costs Reference Filing Adoption Form.
Furthermore, any filings received during January 2014 pertaining to this item may be retroactively applied to reflect an effective date of January 1, 2014.
Source: NH Insurance Dept