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Old 10-30-2019, 03:24 PM
GwenAnderson GwenAnderson is offline
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You might want to look at state filing forms that are in use, for example NC WC:
The company filing the LCM needs to support its expense loads, and provide an indication if rates are being increased beyond the loss cost increase, whether the modification on 2B is less than or greater than one. When I worked in WC years ago, when the rate bureau raised loss costs there was a tendancy for companies to file to reduce the modifications (which could be less than or greater than one), and when the rate bureau reduced loss costs there was the opposite tendancy. The bureau loss costs reflect an average for the industry and individual companies will have differing experience. Companies that modify are following their own loss cost levels rather than industry average levels.
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Old 10-30-2019, 03:38 PM
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ALivelySedative ALivelySedative is offline
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Oh, I'm definitely familiar with ol' FC-113. My original questions were more around how to get the modification than how it was applied, but this is a good doc for anyone else perusing this thread as well.
Stuff | 6 | ACAS | FCAS stuff
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