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Their data is also used by states and insurance companies to set rates for each class code based on prior underwriting profitability or losses. Their objective data and trend analysis promotes competition between insurance companies. They help cultivate a healthy workers compensation system. Modification Rate, These NCCI worksheets, or Experience Modification Ratings are developed based on a ratio of claims frequency and cost of premium paid. These manual rates are used for pricing and to assign each employers' annual Experience This process is done, individually, for each state that utilizes NCCI. The statistical data used to set manual rates for workers compensation insurance. NCCI's function is to develop and provide Both insurance companies and states utilize NCCI's statistical data for rating and pricing coverage. NCCI is an independentĪdvisory organization largely funded by the insurance companies. In most states, the workers compensation classification system used is maintained by NCCI, the National Council on Compensation Insurance. Is the process to make sure payroll was appropriately estimated and employees were correctly This could result in a policy credit or debit.

The correct class code at the time of audit. Underwriters will result in an inaccurate premium. Incorrect risk classifications by insurance agents or

One of the primary means of pricing workers' compensationĬlassifying a risk, or workplace exposure, within the proper NCCI workers'Ĭompensation class code.

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