Following Last Year’s Rate Hike, Alabama DOI to Hold Hearing on Comp Decrease


The Alabama Department of Insurance will hold a hearing Nov. 16 on a proposed, significant decrease in workers’ compensation loss costs and rating values.

A filing by the National Council on Compensation Insurance proposes a 10.5% overall average decrease in voluntary loss costs and 10.5% decrease for the assigned risk market, to take effect March 1, 2022, the department said in a bulletin.

The decrease, if approved by regulators, would follow a 4.4% increase in average voluntary loss costs in 2020, a 3.4% reduction in 2019 and a 6.4% cut in 2018.

The hearing will be held virtually, via internet connection, starting at 10 a.m. Central time. A link will be posted on the insurance department’s website closer to the hearing date. Anyone wishing to submit written comments should send them by Nov. 2 to the department’s chief counsel’s email address,

Pricing Trends

Was this article valuable?

Here are more articles you may enjoy.

Interested in Pricing Trends?

Get automatic alerts for this topic.

Source link


Please enter your comment!
Please enter your name here