State More Closely Embracing NCCI, Ditching Decades Old Retro Plan

Texas is ditching another element of its once-unique system for calculating insurance rates, announcing it is repealing the state-specific plan for retrospective rating. The Texas Retrospective Rating Plan, or Texas retro plan, can no longer be used for new and renewed workers' compensation policies starting Jan. 1, 2017, the Texas Department of Insurance (TDI) announced Monday. From that date, insurers either must use the National Council on Compensation Insurance (NCCI) Retrospective Rating Plan or file with the TDI their own employer-specific retrospective plans. The change...