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Eric Cioppa, superintendent of the Maine Bureau of Insurance, said Tuesday the National Council on Compensation Insurance Inc.’s proposal for an average loss cost decrease of 12% has been approved.
The NCCI loss costs go into effect for new and renewing policies on April 1, 2018, the Maine Bureau of Insurance said in a statement.
The recently filed NCCI loss costs represent a cumulative decrease of 59.5% since the 1992 workers compensation reform and could save Maine businesses an estimated $27 million in the year following implementation, according to the statement.
“Maine employers’ efforts to improve workplace safety, return injured workers to their jobs in a timely manner, and control medical costs continues to pay off. This most recent decrease should result in lower workers compensation premiums on average across all industry groups,” Mr. Cioppa said in the statement.
The New Mexico Office of Superintendent of Insurance announced an average 16% reduction in workers compensation pure premiums for 2018.