Voluntary Loss Costs Increasing 1%, Assigned Risk Down 5.2%

Nevada Insurance Commissioner Scott J. Kipper approved a filing from the National Council on Compensation Insurance calling for an overall average loss cost increase of 1% for the voluntary market and a decrease of 5.2% for the assigned risk market.The new rates will take effect on March 1.The increase in the voluntary market is driven by a 1.6% increase in overall system costs from changes to the Medical Fee Schedule made in 2011, according to a statement from the Division of Industrial Relations. Expense reductions in administering the assigned-risk program resulted in the 5.2% rate decrease...