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The National Council on Compensation Insurance has proposed a statewide reduction of 19% for average voluntary market loss cost levels in Tennessee, according to a filing discussed Monday at a Tennessee Workers’ Compensation Advisory Council meeting.
The filing, provided to Business Insurance on Thursday, notes that the filing is based on premium and loss experience for policy years 2015 and 2016 and that the state’s lost-time frequency continues to decrease.
The filing also notes that indemnity average cost per case and medical average cost per case remain “relatively stable” in recent years.
By industry, contracting saw the largest proposed cut of 20.7%, office and clerical was next at 20.6%, good and services at 19.7%, manufacturing at 18% and miscellaneous at 16.8%.
The new rates, which are under review, would become effective March 1, 2019.
The National Council on Compensation Insurance said Monday that it has recommended an overall premium level decrease of 9.6%, effective Jan. 1, 2018.