Maryland Approves 5.4% Cut in Voluntary Loss Costs

Maryland Insurance Commissioner Ralph Tyler approved a 5.4% decrease in voluntary loss costs effect Jan. 1, based upon recommendations by the National Council on Compensation Insurance (NCCI).The Maryland Insurance Administration (MIA) said the change affects workers' compensation carriers writing policies in Maryland except group self-insurance funds, and IWIF Workers' Compensation Insurance, the state-run carrier covering about 25% of the market.NCCI noted sharp declines in claims frequency when it filed for the decrease on July 24. The reduction follows a 1.7% decrease that took eff...