Texas adopts 11% average decrease for comp
The Texas Department of Insurance adopted the National Council on Compensation Insurance’s advisory loss cost filing that proposes an average decrease of 11%, effective July 1.
According to a bulletin the department issued Friday, insurance companies must use either the NCCI loss costs or their own independent, insurer-specific classification relativities as bases for all workers compensation policies written with an effective date on or after July 1.
The department said insurance companies may not base their rates on the NCCI loss costs from July 1, 2023, or any prior year’s loss costs or relativities.
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