How Will New NCCI Ratemaking Rules Affect Workers Comp Mods?
Editor's note: In the blog today, Jeff Adcock, consulting actuary with our subsidiary, SIGMA Actuarial Consulting Group, shared his analysis of recent pricing announced by NCCI. Jeff, once an intern at NCCI, NCCI Tom Daley contacted directly to confirm their understanding of this change. Thank you to Tom and Jeff for their insights - and if you are an employer, scroll to the bottom of the "As-Plain-English-as-we-can-GET-IT Summary" is a little confusing to understand the potential impact of the change in pricing new NCCI.But companies such as contractors, who are required to have a mod of 1.0 (or any other value) to bid on jobs will want to be especially careful to anticipate the change and minimize the losses that occur through the management of injuries and claims of good management efforts.
Many of you may have seen the "class rate-setting for occupational injuries: new methodology NCCI 'recent article by Tom Daley, ACAS, MAAA, posted July 1, 2009, NCCI on the site. This article describes the changes that will be making their first NCCI class method of pricing in the fall of this year.The actual date effectiveness of these changes depend on the date of the state and courses is subject to regulatory approval. The changes specifically address the cost of annual loss and statements related factor NCCI, usually filed annually.
We have recently received questions about the impact that this new method will have on the rating of the experience. We confirmed that Tom Daley experience rating formula does not change under the change in pricing methodology class.The rate of expected loss (FCIS) and D-ratios used in experience rating formula will change to the extent that the cost of loss by changes in class code. The FCIS and D-ratios are updated by the class code as part of annual deposits NCCI. Changes to the FCIS and D-ratios by class code may be greater with deposits coming due to the change in pricing methodology class.
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