Reprint: NU Online News Service, Jan.21, 11:56 a.m. EST

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Nevada’s Insurance Commissioner Scott Kipper said he has approved an average decrease of 7.6 percent for workers’ compensation insurance rates.

He also announced a 3.7 percent average decrease for workers’ comp assigned risk rates.

The filing was submitted by the National Council on Compensation Insurance, Inc. (NCCI). The changes are effective March 1, and will apply to risks as of their anniversary rating dates.

Mr. Kipper’s announcement said the reduction, specifically a reduction in loss costs, is based upon Nevada employers’ experience and future projections. NCCI loss cost is only one component of the rates charged by insurers.

Each insurer must file a loss cost multiplier that is used to determine final workers’ compensation rates.

More information regarding the filing, including links to the Assigned Risk Rates and Advisory Loss Costs are on online at the new Property and Casualty Workers’ Compensation section of the Division’s our web site http://doi.nv.gov/spc/workerscomp.aspx.

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