Maine Approves 7.7% Decrease in Workers’ Comp Loss Costs

  Maine announced Thursday that the (NCCI) 2014 loss cost for Maine, filed earlier this month, which proposed a premium decrease of 7.7 percent where approved. The new NCCI rates go into effect for new and renewing policies as of April 1, 2014.  Maine currently has a competitive market for workers’ comp insurance and each insurer sets its own rate level. Insurers may modify the NCCI loss costs and must select their own expense and profit factor in setting rates.via Maine Approves 7.7% Decrease in Workers’ Comp Loss Costs.