Skip Maine state header navigation

Agencies | Online Services | Help

Skip First Level Navigation | Skip All Navigation

Office of Securities Bureau of Insurance Consumer Credit Protection Bureau of Financial Institutions Office of Licensing & Registration
Maine.gov > Insurance Regulation > Press Release

. . . . . . NEWS

MAINE BUREAU OF INSURANCE
34 SHS, Augusta, Maine 04333-0034

Tel. (207) 624-8475 Fax (207) 624-8599
TDD (207) 624-8563
For Immediate Release May 25, 2005
   

Workers’ Compensation Premiums Reduced for Some Maine Employers

Contact: Eric A. Cioppa, Deputy Superintendent
Tel: (207) 624-8401

Augusta, Maine – Superintendent of Insurance Alessandro A. Iuppa today announced that hundreds of Maine employers may see reductions in their 2003, 2004, or 2005 workers’ compensation insurance premiums as a result of adjustments to the data used in the National Council on Compensation Insurance (NCCI’s) 2003, 2004, & 2005 rate filings. NCCI is the advisory rating organization for insurance companies that offer workers’ compensation coverage in Maine and 36 other states.

“The change in the data used for the 2003 through 2005 rate filings resulted from the discovery that payroll information used in calculating rates had been excluded for specific class codes,” stated Superintendent of Insurance Iuppa. “When the issue was discovered in late 2004, the Bureau immediately directed NCCI to conduct a comprehensive review of its 2003 through 2005 rate filings.”

The findings of the review showed reduced workers’ compensation rates for 29 employer classification codes. Superintendent Iuppa has requested that all insurers who write workers’ compensation insurance in Maine recalculate 2003, 2004, & 2005 premiums for affected policyholders and to make appropriate refunds or premium adjustments to the policyholders.

A link to the list of the 29 affected employer classification codes is available on the Bureau’s Web-site under Recent News and at the following link: http://www.state.me.us/pfr/ins/Workerscomp_affected_%20classcodes.htm
Maine employers who have questions about the rate corrections may contact their agent or Brad Brown at the Maine Bureau of Insurance at (207)-624-8478.

The Bureau of Insurance is part of the Department of Professional and Financial Regulation, which encourages sound ethical business practices through high quality, impartial and efficient regulation of insurers, financial institutions, creditors, investment providers, and numerous professions and occupations for the purpose of protecting the citizens of Maine. Consumers can reach the Bureau through its Web site at www.MaineInsuranceReg.org; by calling 800-300-5000 in state; or by writing to Bureau of Insurance, 34 State House Station, Augusta ME 04333.

Last Updated: May 24, 2011