Workers Compensation Advisory Loss Costs and Rating Values

BULLETIN Docket No: INS 19-021-AB Date: September 5, 2019 To: All Workers Compensation Insurers From: John Elias - Insurance Commissioner Re: Workers Compensation Advisory Loss Costs an ting Values NCCI Filing Effective January 1, 2020 (Filing Reference Numbers: NH-2019-03) The State of New Hampshire Insurance Department has approved the National Council on Compensation Insurance's Advisory Loss Cost and Rating Values filing to be effective January 1, 2020. The approved voluntary loss cost change is a decrease of 9.6% on average. The average approved change for Assigned Risk rates is a decrease of 10.3%. The residual market loss cost multiplier for 2020 will be 1.545. NH RSA 412:30 requires that any insured receiving a premium quote higher than the premium that would be derived from the Assigned Risk Rating Plan should be notified. in writing. that coverage could be obtained at a lower premium in the Assigned Risk plan. Insurers using a loss cost multiplier higher than 1.S45 should take note. Insurers should continue to refer to a previous Bulletin (Docket No. INS No. 11-018-AB, issued September 22, 2011) for additional information on incorporating the cost of the NH WC Administration Fund Assessment into their rates for voluntary coverage. Per RSA 412:28, all insurers must file Workers Compensation rates by filing a multiplier, and, if applicable, other modifications to the prospective loss costs and rating plan filed by the NCCI effective January 1, 2020. No filings are necessary unless the insurer wants to change the loss cost multiplier currently on file or make other modifications for 2020. Approval of any such filing will be contingent upon the submission of appropriate justification along with a completed Form RFF-1. Prospective Loss Costs Reference Filing Adoption Form. Please refer to the revised version of RFF-1 on SERFF. All insurance carriers MUST adopt 2020 rates from the 1st of the year - No delay adoption allowed. Any filings received during January 2020 may be retroactively applied to reflect an effective date of January 1, 2020. Reminder: Assigned Risk Adjustment Program (ARAP) was removed in New Hampshire effective January 1, 2019. Questions on this bulletin may be addressed to Ruju Dave at (603) 271-2261 or ruju.dave@nh.gov.