REPORTING OF FINANCIAL AND STATISTICAL DATA
Workers compensation insurers in every jurisdiction are required to report the following two types of information to state insurance regulators.
● Aggregate financial data, consisting primarily of premium, loss, and expense figures.
● Statistical data on each policy, consisting primarily of exposure information, classification codes, number and types of injuries incurred, medical costs, and lost work time costs.
Regulators use this information to evaluate the adequacy and reasonableness of proposed workers compensation insurance rates.
Insurance regulations in a majority of states require workers compensation insurers to report the required information to a designated statistical agent, which then compiles the information, and submits it in a format suitable for use by regulators. However, there are some states that require insurers to submit this information directly to the state or to that state’s independent rating bureau.
WORKERS COMPENSATION STATISTICAL REPORTING
NCCI is the licensed statistical agent for workers compensation in these states:
Alabama Idaho Mississippi South Carolina Alaska Illinois Missouri South Dakota Arizona Indiana Montana Tennessee Arkansas Iowa Nebraska Utah Colorado Kansas New Hampshire Vermont Connecticut Kentucky New Mexico Virginia District of Columbia Louisiana North Carolina Wisconsin Florida Maine Oklahoma Georgia Maryland Oregon Hawaii Minnesota Rhode Island
Insurers submit statistical data directly to the state or to an independent bureau in these states:
California Massachusetts New Jersey Pennsylvania Delaware Michigan New York Texas
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