3.4% loss cost reduction in comp premium proposed for Colorado
The National Council on Compensation Insurance is recommending that Colorado regulators reduce advisory loss costs for the voluntary market by 3.4%, effective Jan. 1.
The recommendation is based on premium and loss experience for policy years 2019-2021 and excludes claims resulting from COVID-19, according to the filing submitted to the Colorado Insurance Division.
“The majority of the proposed change is attributable to improved experience,” NCCI said in its analysis. “The change in experience is partially offset by the impact of recent updates to the Colorado medical fee schedule and the change in the loss adjustment expense provision.”
If approved, voluntary loss costs will have decreased by a cumulative 34.7% since 2020.
The Colorado insurance commissioner is holding a virtual public hearing on Sept. 29.
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