No change in Colorado comp loss rates for 2015
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Colorado employers will see no change to workers compensation loss cost rates for next year, the state Department of Regulatory Agencies said Thursday.
The state has approved Boca Raton, Florida-based National Council on Compensation Insurance's recommendation to keep rates the same in 2015, according to a statement by the Colorado regulatory department. This is the first time since 2010 that rates will not increase.
However, despite no change to loss cost rates, some employers may see increases or decreases to their workers comp premiums depending on their classification code or industry group, according to the statement.
“These results come down to the efforts made by employers and employees to control workers compensation costs,” Colorado Insurance Commissioner Marguerite Salazar said in the statement. “Getting injured workers back to work sooner, meaning that claims are closed faster, helped offset a small increase in claim costs, resulting in no change to loss costs.”
NCCI also recently recommended a 3.2% rate cut for Mississippi's voluntary market and a 1.6% rate cut for the state's assigned risk policies, according NCCI's State Advisory Forum presentation on Tuesday. The proposed reductions would be effective March 1.
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