Slight worker comp rate cut readied for ’07

The New Year will bring premium reductions for many worker compensation policyholders in New Hampshire, thanks to changes in worker comp loss costs and rating values approved Wednesday by state Insurance Commissioner Roger Sevigny.

The changes, filed by the National Council on Compensation Insurance, are expected to reduce rates by 0.9 percent for policyholders insured on a voluntary basis throughout the Granite State. Reductions for policyholders insured through the residual market will average about 0.6 percent, according to a statement from the department.

Reductions will not be uniform among all policyholders, but can range from 25 percent lower or higher than the averages reductions, depending on risks, the department said.

The department also said that changes in the minimum premium formula and an increase to $900 in the allowable maximum minimum premium will result in premium increases for policyholders with limited payroll and exposure that currently pay a minimum premium of $850 or less. – TRACIE STONE