Connecticut. October 3,
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- Elwin Bryan Blair
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1 Connecticut October 3,
2 Connecticut State Advisory Forum Welcome Annual Issues Symposium: Bill Donnell Video Excerpt Connecticut Workers Compensation System Countrywide and Connecticut Labor Markets Legislative Issues: Countrywide and Connecticut Guest Speaker: Connecticut State Senator Cathy Osten Emerging Issue: The Legalization of Marijuana and Its Impact on Workers Compensation Residual Market: Countrywide and Connecticut Closing Remarks 2
3 AIS Presentation Video Excerpt Bill Donnell NCCI President and CEO
4 Countrywide Workers Compensation System
5 Countrywide Workers Compensation System An Overview After five years of growth, premium is flat in the most recent year The combined ratio continues to show favorable results Frequency declined again at the latest point Medical and indemnity severity are increasing modestly 5
6 Net Written Premium Private Carriers and State Funds $ Billions State Funds ($B) Private Carriers ($B) p Calendar Year p Preliminary Source: NAIC s Annual Statement data; includes state insurance fund data for the following states: AZ, CA, CO, HI, ID, KY, LA, MD, MO, MT, NM, OK, OR, RI, TX, and UT Each calendar year total for state funds includes all funds operating as a state fund in that year 6
7 Direct Written Premium (DWP) Change by Component Private Carriers NCCI States Change in Direct Written Premium: 0.0% 2016 vs Payroll +4.0% Loss Cost and Mix -2.7% Carrier Discounting -1.4% State Fund Conversion to Private Carrier +1.0% Other Factors -0.8% Sources: DWP Change: NAIC s Annual Statement Statutory Page 14 for all states where NCCI provides ratemaking services Components: NCCI s Policy data 7
8 Increases in Payroll Continue to Drive Premium Growth Forecast Change Wage Rate Payroll +4.5% Employment +2.5% +1.9% 4% 4% 3% 3% 2% 2% 1% 1% 0% 0% -1% Prof. & Business Services Trade, Transport., & Utilities Education & Health Services Financial Activities Construction Manufacturing Construction Leisure & All Other Hospitality -1% Prof. & Business Services Trade, Transport., & Utilities Education & Health Services Financial Activities Manufacturing Leisure & All Other Hospitality Sources: Moody s Analytics and NCCI 8
9 Countrywide Workers Compensation Approved Changes in Bureau Premium Level Percent By Effective Year for NCCI States p Preliminary Bureau premium level changes reflect approved changes in advisory rates, loss costs, assigned risk rates, and rating values, relative to those previously approved in NCCI states only IN and NC are filed in cooperation with state rating bureaus p Calendar Year
10 Impact of Discounting on Premium Private Carriers NCCI States Percent p Policy Year p Preliminary Reflects combined effect of Rate Departure, Policyholder Dividends, and Schedule Rating Sources: NAIC s Annual Statement Statutory Page 14 and NCCI s Financial Call data NCCI benchmark level does not include a profit and contingency provision or expense constant Based on data for all states where NCCI provides ratemaking services, excluding TX 10
11 Percent 125 Combined Ratio Underwriting Gain Achieved Private Carriers % lower p Calendar Year p Preliminary Source: NAIC s Annual Statement data 11
12 Combined Ratio Components Private Carriers Percent Dividends 1 1 Underwriting Expense Ratio Loss Adjustment Expense (LAE) Ratio Loss Ratio p p Preliminary Source: NAIC s Annual Statement data Calendar Year 12
13 Net Combined Ratios Calendar Year vs. Accident Year As Reported Private Carriers Percent 120 Calendar Year Accident Year p p Preliminary Source: NAIC s Annual Statement data Accident Year information is reported as of 12/31/2016 Includes dividends to policyholders 13
14 Frequency Change in Lost-Time Claims per $1M Pure Premium Private Carriers and State Funds NCCI States Percent Average Annual Change: 3.6% ( ) p Accident Year 2010 and 2011 adjusted primarily for significant changes in audit activity p Preliminary based on data valued as of 12/31/2016 Source: NCCI s Financial Call data, developed to ultimate, premium adjusted to current wage and voluntary pure premium level, excludes high-deductible policies; based on data through 12/31/2015 Values displayed reflect the methodology underlying the most recent rate/loss cost filing Includes all states where NCCI provides ratemaking services; WV is excluded through
15 Average Medical Lost-Time Claim Severity Private Carriers and State Funds NCCI States Severity ($ Thousands) % +5% $27.7 $ p Accident Year p Preliminary based on data valued as of 12/31/2016 Source: NCCI s Financial Call data, developed to ultimate, excludes high-deductible policies; based on data through 12/31/2015 Values displayed reflect the methodology underlying the most recent rate/loss cost filing Includes all states where NCCI provides ratemaking services; WV is excluded through
16 Average Indemnity Lost-Time Claim Severity Private Carriers and State Funds NCCI States Severity ($ Thousands) % +3% $23.2 $ p Accident Year p Preliminary based on data valued as of 12/31/2016 Source: NCCI s Financial Call data, developed to ultimate, excludes high-deductible policies; based on data through 12/31/2015 Values displayed reflect the methodology underlying the most recent rate/loss cost filing Includes all states where NCCI provides ratemaking services; WV is excluded through
17 Connecticut Workers Compensation System
18 Connecticut Workers Compensation System An Overview Lost-time claim frequency continues to decline Accident Year combined ratio has shown improvement Premium volume remains stable Average indemnity and medical costs increased in the latest year 18
19 Premium Volume Direct Written Premium in $ Millions Calendar Year Source: NAIC s Annual Statement data 19
20 Impact of Discounting on Premium Dividends Schedule Rating Rate/Loss Cost Departure 5% 2% 1% 0% Percent -2% -5% -9% -8% -10% -9% -8% -4% -4% -6% -7% -13% Policy Year Based on data through 12/31/2016 Dividend ratios are based on calendar year statistics 20
21 Combined Ratios by Component Loss Ratio Expense Ratio Dividend Ratio 109% 1% 37% 99% 1% 95% 1% 90% 1% 84% 1% 37% 37% 37% 34% 71% 61% 57% 52% 49% Accident Year Sources: NCCI s financial data through 12/31/2016 and NAIC s Annual Statement data 21
22 -7.9% -6.6% -5.6% -5.9% -2.9% -1.0% -3.2% -1.4% -1.7% -3.0% -3.4% -3.5% 0.0% 4.4% Lost-Time Claim Frequency Cumulative Change of 34.9% ( ) Percent Change Policy Year Based on NCCI s financial data through 12/31/2016, developed to ultimate, premium adjusted to common wage level 22
23 Average Medical Lost-Time Claim Severity (Thousands) Cumulative Change of % ( ) 19.5% -6.1% 5.0% 1.8% 2.7% 6.4% 3.1% -6.3% 4.3% 14.3% -0.6% 13.3% 13.7% $ % $14.4 $16.4 $18.5 $21.2 $21.1 $25.2 $23.6 $24.8 $25.2 $25.9 $27.6 $28.4 $26.6 $ Policy Year Based on NCCI s financial data through 12/31/2016, on-leveled and developed to ultimate 23
24 Average Indemnity Lost-Time Claim Severity (Thousands) Cumulative Change of +62.1% 12.2% 4.8% -7.0% 5.0% 1.8% 1.2% 0.1% 0.5% ( ) 14.4% -5.0% 4.8% 3.8% 9.2% 5.5% $32.0 $30.5 $30.3 $30.3 $29.9 $29.4 $28.0 $30.1 $28.7 $25.6 $27.0 $23.6 $22.3 $20.5 $ Policy Year Based on NCCI s financial data through 12/31/2016, on-leveled and developed to ultimate 24
25 Filing Activity Voluntary Loss Cost and Assigned Risk Rate Changes Voluntary Assigned Risk -0.6% -0.5% -2.3% -2.3% -3.9% -7.9% -10.9% -10.9% -12.6% -14.1% ^ * ^Law-only filing effective 4/1/2015 *Pending 25
26 January 1, 2018 Loss Cost Filing Overall Loss Cost Level Change: 14.1% Change in Experience: 11.1% Change in Trend: 3.5% Change in Benefits: 0.2% Change in LAE: 0.1% 26
27 January 1, 2018 Filing Average Changes by Industry Group Overall Change: 14.1% Manufacturing: 14.7% Contracting: 12.9% Office & Clerical: 17.0% Goods & Services: 12.5% Miscellaneous: 16.4% 27
28 Percent 15 Current NCCI Voluntary Market Loss Cost/Rate Level Changes Excludes Law-Only Filings OK NM CT OR AL NH MD CO TN NC IL NV WV LA FL IN UT IA AR AK VT MT TX KS AZ MS KY RI ME NE DC MO HI ID SD GA VA SC Approved Pending Reflects the most recent experience filing in each jurisdiction Due to the timing of the individual loss cost/rate filings, the figures shown may include changes from prior filing seasons 28
29 Voluntary Market Rate/Loss Cost Changes Northeast States Massachusetts 7/1/ % Maine 4/1/17 4.3% New York 10/1/ % Rhode Island 8/1/17 4.5% Vermont 4/1/17 7.9% Connecticut* 1/1/ % New Hampshire* 1/1/ % *Pending 29
30 Current Average Voluntary Pure Loss Costs Using Connecticut Payroll Distribution Pure Loss Cost All Classes CT ME NH RI VT Region Country Based on the latest NCCI approved rates and loss costs in the various states 30
31 A Cautionary Tale: The Danger of Comparing Average Loss Costs Across States
32 Countrywide and Connecticut Labor Markets
33 National Economic Highlights National Economic Indicator Potential Impact on the Workers Compensation Market Private employment growth is expected to continue to slow The impact on payroll and premium will also slow Wage growth is poised to accelerate Medical inflation is forecast to slow and then reaccelerate Interest rates are still low but expected to increase Upward pressure on payroll and premium as well as indemnity severity Increases in medical costs per claim Investment income will likely remain muted this year but increase as interest rates rise 33
34 Change in Private Employment Private Employment Growth Is Below Average Percent 3 Connecticut United States Q1 2016Q1 2017Q1 Year-on-year percentage change; employment is for Total Private Industry Frequency of observation: quarterly; latest available data point: 2017 Q1 Sources: US Bureau of Labor Statistics, Moody s Analytics, and NCCI 34
35 Change in Average Weekly Wages Wage Growth Is Below the Rest of the Nation Percent 3 Connecticut United States Q1 2016Q1 2017Q1 Year-on-year percentage change; wages are for Total Private Industry Frequency of observation: quarterly; latest available data point: 2017 Q1 Sources: US Bureau of Labor Statistics, Bureau of Economic Analysis, Moody s Analytics, and NCCI 35
36 Change in Employment by Industry Employment in Half the Industries Has Increased in the Past Year Government Industrial Sector Leisure and hospitality Other services Education and health services Trade, transportation, and utilities Financial activities Natural resources and mining Professional and business services Manufacturing Information Construction Year-Over-Year Percent Change, 2017Q1 CT , ,900 US +1.9 CT , ,100 US +1.0 CT , ,900 US +2.4 CT , ,900 US +1.0 CT , ,200 US +2.2 CT , US 2.1 CT , US +3.1 CT , US +0.0 CT , ,100 US 0.9 CT , ,200 US +2.8 CT , ,400 US +0.8 Employment numbers are rounded to the nearest hundred Year-on-year percentage change; frequency of observation: quarterly; latest available data point: 2017 Q1 Sources: US Bureau of Labor Statistics, Moody s Analytics, and NCCI Sector Size % Share 1-Year Change 36
37 Percent 5.2 Headline Unemployment Rate The Unemployment Rate Is Above Average 5 CT: 5.0% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul US: 4.3% Headline Unemployment Rate, seasonally adjusted Frequency of observation: monthly; latest available data point: July 2017 Source: US Bureau of Labor Statistics (BLS), 37
38 Connecticut Labor Market Connecticut s unemployment rate is above the US rate Payroll growth in Connecticut is lower than the nation, driven by both slower employment and average wage growth Payroll has grown in all sectors except Financial Activities, Government, and Construction Both average weekly wages and employment have fallen in some sectors Employment growth is below the US rate The Leisure and Hospitality sector added the most jobs Other Services also added a large number of jobs and grew at the fastest rate Several sectors have experienced declines 38
39 Legislative Issues: Countrywide and Connecticut
40 2017 Overview Countrywide, legislative activity has increased over prior years both in volume and content. Regulation changes so far concern medical cost management, claim handling, and effectuating enacted legislation. Year to date, there has been about the same number of workers compensation-related cases at the state supreme court level as there were in The 2016 general election resulted in a net gain for Republicans in state government, where they now control both chambers of the legislature and the governor s office in 26 states. 40
41 2017 Workers Compensation Legislative Activity CA OR WA NV ID UT MT WY CO ND SD NE KS MN WI IA MO IL MI IN OH KY WV PA VA NY VT NH CT ME MA DC NJ DE MD RI AZ NM OK AR TN SC NC MS AL GA AK TX LA FL HI 0 10 Bills Introduced Bills Introduced Bills Introduced More Than 30 Bills Introduced As of 7/1/
42 Key Workers Compensation-Related Themes in Introduced Legislation First Responder Presumptions Indemnity Benefits Medical Cost Management Definitions 42
43 Enacted Connecticut Legislation HB 7037 Requires employers whose employees are subject to an income withholding order for child support to take additional steps when such employees make claims for workers compensation benefits HB 7132 Concerns the provision of notice of a claim for compensation by an employee to an employer or a workers compensation commissioner HB 7183 Concerns minor and technical changes to certain insurance-related statutes 43
44 Federal Legislative and Regulatory Issues Impacting the Workers Compensation System NCCI engages Congress and federal agencies regarding issues impacting the state-based workers compensation system NCCI provides insights and information on the system to several agencies including: US Department of Labor (USDOL) National Institute for Occupational Safety and Health (NIOSH) Government Accountability Office (GAO) US Department of Treasury 44
45 Federal Emerging Issues Regulation of Air Ambulance Services Sen. Jon Tester (MT) introduced legislation to provide state authority Federal Aviation Administration Reauthorization Social Security Disability Insurance (SSDI) Reform SSDI Solutions Initiative recommendations Trump Administration SSDI Reverse Offset Proposal Medicare Set-Aside (MSA) Reform Legislation to be introduced to bring greater efficiency to MSA Process Congressional Budget Office scoring 45
46 Guest Speaker Senator Cathy Osten Connecticut General Assembly
47 Emerging Issue: The Legalization of Marijuana and Its Impact on Workers Compensation
48 State Activity Medical Marijuana 29 Plus Washington, DC have legalized medical marijuana Recreational Marijuana 8 Plus Washington, DC have legalized recreational marijuana 48
49 Marijuana Legalization Status 49
50 Federal Activity US Drug Enforcement Administration Federal funds will not be used to prevent state implementation of medical marijuana laws Controlled Substances Act Unclear as to what will happen August 2016 May 2017 Currently 2017 and Beyond Will not reclassify marijuana House Resolution 244 Marijuana is an illegal Schedule I drug Current Administration 50
51 Colorado Supreme Court Coats v. Dish Network (2015) Employers can lawfully terminate workers for using marijuana outside of work hours even though the drug is LEGAL in the state. 51
52 New Mexico Court of Appeals Vialpando v. Ben s Automotive Services and Redwood Fire & Casualty (2014) An insurer MUST reimburse a qualified workers comp claimant for the cost of medical marijuana to treat low back pain Appealed to NM Supreme Court: Certiorari denied 52
53 New Mexico Court of Appeals Maez v. Riley Industrial (2015); Lewis v. American General Media (2015) An employer is required to reimburse a qualified claimant for medical marijuana if the drug is reasonable and necessary medical care for treatment of a work injury. 53
54 Connecticut Workers Compensation Commission Decision Petrini v. Marcus Dairy, Inc. and Gallagher Bassett Service (2016) Upheld decision that the claimant s use of medical marijuana for pain management of his debilitating condition constitutes reasonable and necessary medical treatment 54
55 Maine WC Board Decisions (2016) Maine WC Board: Noll v. Lepage Bakeries, Inc. and Cannon Cochran Management Services Bourgoin v. Twin Rivers Paper Co., LLC and Sedgwick CMS Self-insured employer is to reimburse costs for reasonable and proper use of medical marijuana under state s WC and medical marijuana law 55
56 Other Activity At least five states (Connecticut, Maine, Minnesota, New Jersey, and New Mexico) have allowed reimbursement for WC under certain circumstances Florida and North Dakota passed legislation in 2017 prohibiting payment of WC benefits for medical marijuana New Mexico Adopted a fee schedule to provide for reimbursement of medical marijuana to injured workers effective January 1, 2016 Introduced legislation (SB 371/HB 527) in 2017 requiring employers/carriers to pay for medical marijuana for injured workers did not pass 56
57 Questions Raised by WC Stakeholders Is marijuana a safer alternative to opioids for pain management? Is it a less expensive alternative to other drugs? When a state legalizes marijuana, what is the potential impact on neighboring states? Should states consider fee schedules for marijuana (like New Mexico)? How are appropriate dosage levels determined? What is the impact on Medicare Set-Aside Allocations since marijuana is still illegal under federal law? 57
58 Legalization of Marijuana Summary States are increasingly legalizing marijuana in some form for medical use. Courts are increasingly dealing with contested cases of medical marijuana in the work environment. Marijuana is still illegal under federal law and remains a Schedule I drug. 58
59 59 59
60 Residual Market: Countrywide and Connecticut
61 Residual Market Video Excerpt Jim Nau, General Manager NCCI Residual Markets
62 Connecticut Total Residual Market Plan Estimated Premium Volume Premium in $ Millions as of 12/31/ Policy Year 62
63 Connecticut Residual Market Share Plan Premium as a Percentage of Direct Written Premium 6.5% 6.6% 6.1% 5.9% 5.1% * Calendar Year *Preliminary 63
64 Connecticut Total Residual Market Plan Policy Counts As of 12/31/ ,555 14,367 13,472 12,355 11,102 10,691 10,579 11,102 13,094 14, Policy Year 64
65 Connecticut Average Size Accounts for Residual Market Policies and Estimated Premium As of 12/31/2016 Premium Range Policy Count % of Policies Total Premium % of Premium Average Policy Size $0 $2,499 12, % $13,699, % $1,133 $2,500 $4,999 1, % $3,691, % $3,489 $5,000 $9, % $4,607, % $6,908 $10,000 $19, % $5,369, % $13,947 $20,000 $49, % $7,166, % $31,157 $50,000 $99, % $5,336, % $66,705 $100,000 $199, % $4,532, % $133,314 $200, % $3,300, % $275,022 Total 14, % $47,704, % $3,278 65
66 Residual Market Summary National Stable residual market share Manageable operating results Residual market premium declined slightly in 2016 High levels of customer service satisfaction State Decline in premium volume Relatively stable residual market share Favorable operating results Please visit ncci.com for additional state and countrywide information. 66
67 Closing Remarks
68 Supplemental Information: Loss Cost Filing Support
69 What Drives Indemnity and Medical Loss Ratios? Frequency (Claims/ Premium) Indemnity Severity (Loss/Claim) Indemnity Loss Ratio (Loss/Premium) Frequency (Claims/ Premium) Medical Severity (Loss/Claim) Medical Loss Ratio (Loss/Premium) 69
70 Frequency per Million of On-Leveled Premium Connecticut Lost-Time Claim Frequency Policy Year Based on NCCI s financial data through 12/31/2016 adjusted to a common wage level 70
71 Average Medical Severity ($ '000s) Connecticut Average Medical Lost-Time Claim Severity 40 Adjusted to Common Wage Level Actual AY Policy Year 2016 Based on NCCI s financial data through 12/31/2016 for lost-time claims at current benefit level and developed to ultimate 71
72 Average Indemnity Claim Severity ($ '000s) Connecticut Average Indemnity Lost-Time Claim Severity 40 Adjusted to Common Wage Level Actual AY Policy Year 2016 Based on NCCI s financial data through 12/31/2016 for lost-time claims at current benefit level and developed to ultimate 72
73 Supplemental Information: National/Regional Comparisons
74 Pure Loss Costs All Classes Current Average Voluntary Pure Loss Costs Using Connecticut Payroll Distribution TX AR WV IN UT DC KS NV TN AZ OR VA MD SD MS NM NC KY MO NE AL HI CO IA LA OK ID NH RI FL SC GA ME IL VT MT AK CT CW State Based on the latest NCCI approved rates and loss costs in the various states 74
75 Indemnity Benefits Constitute the Majority of Total Benefit Costs in Connecticut Indemnity Medical 52.3% 47.7% 49.1% 50.9% 41.6% 58.4% Regional states are ME, NH, RI, and VT Based on NCCI s financial data through 12/31/
76 Connecticut Average Claim Frequency Frequency per 100,000 Workers All Claims Lost Time Medical Only VT 1,094 3,229 Total 4,323 RI 1,419 2,308 Total 3,727 NH 934 3,032 Total 3,966 ME 916 4,443 Total 5,359 CT 1,201 2,595 Total 3, Based on NCCI s Statistical Plan data 76
77 Average Indemnity Lost-Time Claim Severity in the Region ($ Thousands) PY 2013 PY CT ME NH RI VT Based on NCCI s financial data through 12/31/2016 for lost-time claims premium adjusted to common wage level 77
78 Average Medical Lost-Time Claim Severity in the Region ($ Thousands) PY 2013 PY CT ME NH RI VT Based on NCCI s financial data through 12/31/2016 for lost-time claims premium adjusted to common wage level 78
79 Connecticut Distribution of Claims by Injury Type Medical Only Temporary Total Permanent Partial Fatal & Permanent Total 69% 20% 11% 0% 75% 19% 6% 0% 75% 15% 10% 0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Regional states are ME, NH, RI, and VT Based on NCCI s Statistical Plan data for jurisdictions/claim type combinations for which three or more cases exist 79
80 Connecticut Indemnity Loss Distribution by Injury Type Temporary Total Permanent Partial Permanent Total Fatal 26% 71% 1% 2% 37% 60% 3% 33% 57% 4% 6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Regional states are ME, NH, RI, and VT Based on NCCI s Statistical Plan data for jurisdiction/claim type combinations for which three or more cases exist 80
81 Connecticut Medical Loss Distribution by Injury Type Temporary Total Permanent Partial Permanent Total Medical Only Fatal 25% 62% 11% 1% 1% 36% 46% 18% 0% 30% 47% 9% 13% 1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Regional states are ME, NH, RI, and VT Based on NCCI s Statistical Plan data for jurisdiction/claim type combinations for which three or more cases exist 81
82 Glossary
83 Glossary Assigned Risk Adjustment Program (ARAP) An assigned risk market program that surcharges residual market risks based on total actual losses in the experience rating period. Calendar Year (CY) Experience of earned premium and loss transactions occurring within the calendar year beginning January 1, irrespective of the contractual dates of the policies to which the transactions relate and the dates of the accidents. Calendar-Accident Year (AY) The accumulation of loss data on all accidents with the date of occurrence falling within a given calendar year. The premium figure is the same as that used in calendar year experience. Claim Frequency The number of claims per unit of exposure; for example, the number of claims per million dollars of premium or per 100 workers. 83
84 Glossary Claim Severity The average cost of a claim. Severity is calculated by dividing total losses by the total number of claims. Combined Ratio The sum of the (1) loss ratio, (2) expense ratio, and (3) dividend ratio for a given time period. Detailed Claim Information (DCI) An NCCI Call that collects detailed information on an individual workers compensation losttime claim basis, such as type of injury, whether or not an attorney was involved, timing of the claim s report to the carrier, etc. Direct Written Premium (DWP) The gross premium income adjusted for additional or return premiums, but excluding any reinsurance premiums. 84
85 Glossary Indemnity Benefits Payments by an insurance company to cover an injured worker s time lost from work. These benefits are also referred to as wage replacement benefits. Loss Ratio The ratio of losses to premium for a given time period. Lost-Time (LT) Claims Claims resulting in indemnity benefits (and usually medical benefits) being paid to or on behalf of the injured worker for time lost from work. Medical-Only Claims Claims resulting in only medical benefits being paid on behalf of an injured worker. Net Written Premium (NWP) The gross premium income adjusted for additional or return premiums and including any additions for reinsurance assumed and any deductions for reinsurance ceded. 85
86 Glossary Permanent Partial (PP) A disability that is permanent but does not involve a total inability to work. The specific definition and associated workers compensation benefits are defined by statute and vary by jurisdiction. Policy Year (PY) The year of the effective date of the policy. Policy year financial results summarize experience for all policies with effective dates in a given calendar year period. Schedule Rating A debit and credit plan that recognizes variations in the hazard-causing features of an individual risk. Take-Out Credit Program An assigned risk program that encourages carriers to write current residual market risks in the competitive voluntary marketplace. Temporary Total (TT) A disability that totally disables a worker for a temporary period of time. 86
87 Appendix
88 NCCI s Worker Compensation Resources Financial Aggregate Calls Used for aggregate ratemaking Statistical Plan for Workers Compensation and Employers Liability Insurance (Statistical Plan) Used for class ratemaking Detailed Claim Information In-depth sample of lost-time claims Policy Data Policy declaration page information 88
89 Financial Aggregate Calls Collected Annually Policy and calendar-accident year basis Statewide and assigned risk data Premiums, Losses, and Claim Counts Evaluated as of December 31 Purpose Basis for overall aggregate rate indication Research 89
90 Policy Year Financial Aggregate Data Policy Expiration Date Policy Year 2012 Policy Year 2013 Policy Year /1/2012 1/1/ /31/2013 1/1/ /31/2016 Policy Effective Date 90
91 Calendar-Accident Year Financial Aggregate Data Policy Expiration Date Calendar- Accident Year 2013 Calendar- Accident Year 2014 Calendar- Accident Year /1/2013 1/1/ /31/2014 1/1/ /31/2017 Policy Effective Date 91
92 Statistical Plan for Workers Compensation and Employers Liability Insurance (Statistical Plan) Data Experience by Policy Detail Exposure, premium, and experience rating modifications Individual claims by injury type Purposes Classification relativities Experience Rating Plan Research 92
93 Valuation of Statistical Plan Data 1st Report Valuation 2nd Report Valuation 3rd Report Valuation 4th Report Valuation 5th Report Valuation Policy Effective 18 Months 42 Months 66 Months 30 Months 54 Months 93
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