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Worker's comp claims portion to decrease
The state Insurance Commissioner has approved the National Council on Compensation Insurance's request for a 1.3 percent drop in the claims portion of worker's compensation insurance rates.
The NCCI is a worker's compensation rating organization that submits filings for loss cost rates for many insurance companies in Hawaii.
Commissioner J.P. Schmidt said some businesses will see a decrease in rates while others will see an increase in rates. That's because only the claims portion of the rate is affected by the decision. The cut was preceded by an 7.2 percent decrease in loss costs in the contracting industry, Schmidt said.
"The trend is good. It shows a decrease in the number of claims filed," he said.
Insurers will still have to submit their expenses and investment income data to have the actual rates approved.