The Connecticut Department of Insurance (DOI) announced on Sept. 16 that it is accepting comments from the public on the proposed changes in Workers' Compensation loss costs for 2023. Any member of the public can send the DOI comments or questions about the filing until Oct. 16.
Loss costs are numbers that reflect the expected cost to an insurer of losses plus allocated loss adjustment expenses. They form the basis for premium rates but do not include provisions for insurer overhead expenses or profit.
Connecticut uses loss costs and manual rules submitted and published by the National Council on Compensation Insurance (NCCI) for Workers' Compensation insurance. NCCI also administers the state's Workers' Comp residual market plan. For 2023, NCCI has proposed that average loss costs in the voluntary market decrease by 3% and that residual market loss costs remain unchanged.
You can download the proposed loss costs from the DOI's website. Comments and questions can be sent to them at:
Property & Casualty Division
State of Connecticut
P.O. Box 816
Hartford, CT 06142-0816
Telephone: (860) 297-3800 or 1(800) 203-3447