On Feb. 23, TX INS revised advisory loss costs filing instructions.
TX INS published Commissioner's Bulletin B-0001-24 on revised National Council on Compensation Insurance (NCCI) advisory loss costs instructions on making rate filings.
This filing proposes an overall average decrease of 11% to the current loss cost level.
Followed TX INS 2023 previous NCCI advisory loss costs filing revision, see #129504.
2024 Workers' Compensation Policies
For workers' compensation policies written with effective date prior to Jul. 1, 2024, insurance companies may use independent, insurer-specific classification relativities.
Insurance companies may also use NCCI loss costs effective Jul. 1, 2024 as rate base.
For policies with effective date on/after Jul. 1, 2024, insurance companies may not base rates on NCCI loss costs from Jul. 1, 2023, or prior year's loss costs/relativities.
Actions Required
TX INS 10-E-2053.003 required each insurance company to file with TX INS all rates, supplementary rating information, pertinent supporting data for risks written in Texas.
Insurance companies' rate filings should use most recently available data, information.
Filing must be submitted in SERFF; include data specified in Summary of actions required by insurance companies 2024, including notice of carrier intent, certification.
Filing Forms, Exhibits
Property, casualty filings made easy (FME) guide is aid for making rate filings in Texas.
Insurance companies may provide the required information using the current versions of the exhibits in the FME guide or they may use their own exhibits and formats.
An insurance company that is not currently writing workers' compensation insurance but plans to write its first policy with an effective date on or after Jul. 1, 2024, should send its rate filing to TX INS at least 30 days before effective date of its first policy.
Carriers that currently write workers' compensation insurance and plan to continue writing that coverage on/after Jul. 1, 2024, should submit rate filing by Jun. 1, 2024.
