Who has the authority to establish rates for workers' compensation insurance in Connecticut?

The authority to establish rates for workers' compensation insurance in Connecticut lies with the Connecticut Insurance Department. This agency is responsible for overseeing the insurance industry in the state, which includes regulating insurance rates, ensuring that they are fair and adequate while also protecting consumers. The Insurance Department evaluates rate filings submitted by insurers to ensure that they comply with state regulations and that the rates reflect the actual costs associated with providing coverage.

This regulatory framework is in place to maintain a balance between the insurance companies' ability to operate profitably and the necessity of offering affordable and accessible coverage for employers and employees. By having a dedicated department such as the Connecticut Insurance Department handle this responsibility, the system ensures expertise in evaluating and managing the complexities involved in workers' compensation insurance.