A change in how insurance carriers calculate experience modification factors will affect workers' compensation (WC) premiums. NCCI Holdings Inc., who sets up insurance rates in 38 states, adopted a "split-point" adjustment for policy renewals effective Jan. 1, 2013. The split point is the dollar threshold used by NCCI to divide individual losses into primary or frequency, and excess or severity layers.
Contact Assurance to learn more about how this change will affect your business.
ABOUT THE AUTHOR
Dan Klaras, an executive management leader and board member, is President of Assurance. With more than 35 years of experience, his responsibilities lie in directing all property and casualty insurance practices, as well as the overall sales management and producer acquisition strategy of the agency. As a result, Dan is charged with leading producer education and development and generating new property and casualty products that drive value to Assurance clients. Dan's expertise in the workers' compensation coverage area has made him a valued contributor to the Illinois Chamber of Commerce for Workers' Compensation. He graduated from Hamline University in St. Paul, Minnesota, and served on the National Workers’ Compensation Reinsurance Pool Board of Governors for three years.