Nov. 20 Hearing Scheduled for Proposed 3.4% Rate Cut

The Alabama Department of Insurance will hold a hearing Nov. 20 to discuss a proposal to reduce voluntary loss costs by 3.4%. The National Council on Compensation Insurance recommended the loss cost reduction with a proposed effective date of March 1. NCCI is also recommending an overall average decrease of 11.5% to the assigned risk rate level. The department said it will request written comments on the proposal through Nov. 6. The public hearing is at 10 a.m. Nov. 20 at the Department of Insurance Office, 201 Monroe St. in Montgomery. ...