Texas OKs NCCI’s Workers’ Comp Loss Cost Filing Effective July 1 April 6, 2021
The National Council on Compensation Insurance’s (NCCI’s) advisory loss cost filing for Texas with an effective date of July 1, 2021, has been accepted by state insurance regulators.
The Texas Department of Insurance reported that for all workers’ compensation policies written with an effective date on or after July 1, 2021, insurers should use one of the following rate bases:
their own independent insurer-specific classification relativities or
NCCI loss costs effective July 1, 2021.
For policies with an effective date on or after July 1, 2021, insurers should not base their rates on the NCCI loss costs from July 1, 2020, or any prior year’s loss costs or relativities.
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The staff of the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (staff) issued a Risk Alert on November 19, 2020 (Risk Alert), related to OCIE’s observations regarding deficiencies in investment adviser compliance programs.
1 The Risk Alert is intended to share OCIE’s observations on “notable compliance issues” found in recent examinations of SEC-registered investment advisers (advisers) related to Rule 206(4)-7 (Compliance Rule) under the Investment Advisers Act of 1940, which issues are “among the most common cited by OCIE” according to the Risk Alert. The Risk Alert groups the staff’s observations into six categories: inadequate compliance resources; insufficient authority of Chief Compliance Officers (CCOs); annual review deficiencies; implementing actions required by written policies and procedures; maintaining accurate and complete information in policies and