Acting Commissioner Amy L. Parks had approved a filing from the National Council on Compensation Insurance (NCCI) for an average decrease of 5.5% for Nevada workers’ compensation voluntary insurance loss costs, as well as an average decrease of 4.2% for workers’ compensation insurance assigned-risk rates.
The filing has since taken effect Mar. 1.
The decrease in loss costs is the most significant in recent memory since NCCI’s filing last 2010, when loss costs were reduced by an average of 7.6%.
NCCI had analyzed the indemnity and medical loss components of workers’ compensation in the state, noting the improvements in both loss experience and development. It was due to these factors that the agency filed for the reductions.
The reduction in assigned-risk rates considered the factors affecting the voluntary market, as well as data specific to the assigned-risk market.
On top of the 4.2% decrease for the assigned-risk market, the NCCI also reduced its assigned-risk expense constant from $240 to $160. This change ultimately works in the favor of small-business development in the state.
The proposed average changes are as follows for specific industry groups:
| Industry Group |
Voluntary |
Assigned Risk |
| Contracting |
-5.0% |
-3.7% |
| Goods & Services |
-5.7% |
-4.4% |
| Manufacturing |
-1.4% |
-0.1% |
| Office & Clerical |
-7.2% |
-5.9% |
| Miscellaneous |
-6.5% |
-5.2% |
