March 31, 2011
Commissioner of Securities and Insurance Monica J. Lindeen today reported that Montana workers compensation loss costs have decreased by over 5 percent the past year. The National Council on Compensation Insurance (NCCI) recently made a filing with Commissioner Lindeen’s office requesting an overall loss cost decrease of -5.6% effective July 1, 2011. The NCCI is designated by Commissioner Lindeen through Montana law to analyze industry trends, prepare workers compensation insurance rate recommendations, determine the cost of proposed legislation, and provide a variety of services and tools to maintain a healthy workers compensation system. Private insurers in Montana, excluding the State Fund, adopt the loss cost and file the end rates with the Commissioner’s office.
“Montana typically has some of the highest worker’s compensation rates in the country and this is definitely refreshing news to report,” said Lindeen. “The actuaries in my office will continue to monitor and regulate these rates, watching for significant changes in trends to report.” This filing does not reflect any provisions currently under consideration by the MT Legislature and if significant legislation is enacted, NCCI will prepare a revised filing incorporating those changes.