https://www.mwcia.org:443/FAQsCategory/decimal-extensionDecimal Extensionhttps://www.mwcia.org:443/what-is-changing<p><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW110500989 BCX8"><span class="NormalTextRun SCXW110500989 BCX8" data-ccp-charstyle="normaltextrun" data-ccp-charstyle-defn="{&quot;ObjectId&quot;:&quot;5db34755-c278-48d6-9be2-68cfd41767b3|35&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:[201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777841,&quot;Aptos&quot;,469777842,&quot;&quot;,469777843,&quot;Aptos&quot;,469777844,&quot;Aptos&quot;,201341986,&quot;1&quot;,469769226,&quot;Aptos&quot;,268442635,&quot;22&quot;,469775450,&quot;normaltextrun&quot;,201340122,&quot;1&quot;,134233614,&quot;true&quot;,469778129,&quot;normaltextrun&quot;,335572020,&quot;1&quot;,469778324,&quot;Default Paragraph Font&quot;]}">Minnesota pure premium base rates, assigned risk rates, and expected loss rates are moving from two decimal places to three decimal places in precision effective </span><span class="NormalTextRun SCXW110500989 BCX8" data-ccp-charstyle="normaltextrun">1/1/26.</span></span><span class="EOP SCXW110500989 BCX8" data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p>Wed, 02 Apr 2025 16:24:28 GMThttps://www.mwcia.org:443/what-is-changinghttps://www.mwcia.org:443/why-is-an-additional-decimal-place-added<p><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW50078432 BCX8"><span class="NormalTextRun SCXW50078432 BCX8" data-ccp-charstyle="normaltextrun" data-ccp-charstyle-defn="{&quot;ObjectId&quot;:&quot;5db34755-c278-48d6-9be2-68cfd41767b3|35&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:[201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777841,&quot;Aptos&quot;,469777842,&quot;&quot;,469777843,&quot;Aptos&quot;,469777844,&quot;Aptos&quot;,201341986,&quot;1&quot;,469769226,&quot;Aptos&quot;,268442635,&quot;22&quot;,469775450,&quot;normaltextrun&quot;,201340122,&quot;1&quot;,134233614,&quot;true&quot;,469778129,&quot;normaltextrun&quot;,335572020,&quot;1&quot;,469778324,&quot;Default Paragraph Font&quot;]}">This change </span><span class="NormalTextRun SCXW50078432 BCX8" data-ccp-charstyle="normaltextrun">will improve accuracy and stability. Please see the </span><span class="NormalTextRun SCXW50078432 BCX8" data-ccp-charstyle="normaltextrun">article from MWCIA Q1 2024 newsletter for more details: </span></span><a class="Hyperlink SCXW50078432 BCX8" href="https://www.mwcia.org/Media/Default/PDF/NewsFeed/NewsLetters/24-1nl.pdf#Decimal" target="_blank" rel="noreferrer noopener"><span data-contrast="none" xml:lang="EN-US" lang="EN-US" class="TextRun Underlined SCXW50078432 BCX8"><span class="NormalTextRun SCXW50078432 BCX8" data-ccp-charstyle="Hyperlink">Decimal Extension &ndash; Why Do It?</span></span></a><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW50078432 BCX8"><span class="NormalTextRun SCXW50078432 BCX8" data-ccp-charstyle="normaltextrun">&nbsp;</span></span><span class="EOP SCXW50078432 BCX8" data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p>Wed, 02 Apr 2025 16:23:37 GMThttps://www.mwcia.org:443/why-is-an-additional-decimal-place-addedhttps://www.mwcia.org:443/what-is-the-impact-of-this-change<p><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW207852632 BCX8"><span class="NormalTextRun SCXW207852632 BCX8" data-ccp-charstyle="normaltextrun" data-ccp-charstyle-defn="{&quot;ObjectId&quot;:&quot;5db34755-c278-48d6-9be2-68cfd41767b3|35&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:[201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777841,&quot;Aptos&quot;,469777842,&quot;&quot;,469777843,&quot;Aptos&quot;,469777844,&quot;Aptos&quot;,201341986,&quot;1&quot;,469769226,&quot;Aptos&quot;,268442635,&quot;22&quot;,469775450,&quot;normaltextrun&quot;,201340122,&quot;1&quot;,134233614,&quot;true&quot;,469778129,&quot;normaltextrun&quot;,335572020,&quot;1&quot;,469778324,&quot;Default Paragraph Font&quot;]}">None</span></span><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW207852632 BCX8"><span class="NormalTextRun SCXW207852632 BCX8" data-ccp-charstyle="normaltextrun">, </span></span><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW207852632 BCX8"><span class="NormalTextRun SCXW207852632 BCX8" data-ccp-charstyle="normaltextrun">this is a premium neutral update.</span><span class="NormalTextRun SCXW207852632 BCX8" data-ccp-charstyle="eop" data-ccp-charstyle-defn="{&quot;ObjectId&quot;:&quot;5db34755-c278-48d6-9be2-68cfd41767b3|36&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:[201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777841,&quot;Aptos&quot;,469777842,&quot;&quot;,469777843,&quot;Aptos&quot;,469777844,&quot;Aptos&quot;,201341986,&quot;1&quot;,469769226,&quot;Aptos&quot;,268442635,&quot;22&quot;,469775450,&quot;eop&quot;,201340122,&quot;1&quot;,134233614,&quot;true&quot;,469778129,&quot;eop&quot;,335572020,&quot;1&quot;,469778324,&quot;Default Paragraph Font&quot;]}"> </span></span><span class="EOP SCXW207852632 BCX8" data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p>Wed, 02 Apr 2025 16:22:31 GMThttps://www.mwcia.org:443/what-is-the-impact-of-this-changehttps://www.mwcia.org:443/is-this-a-methodology-change<p><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW231318699 BCX8"><span class="NormalTextRun SCXW231318699 BCX8" data-ccp-charstyle="normaltextrun" data-ccp-charstyle-defn="{&quot;ObjectId&quot;:&quot;5db34755-c278-48d6-9be2-68cfd41767b3|35&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:[201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777841,&quot;Aptos&quot;,469777842,&quot;&quot;,469777843,&quot;Aptos&quot;,469777844,&quot;Aptos&quot;,201341986,&quot;1&quot;,469769226,&quot;Aptos&quot;,268442635,&quot;22&quot;,469775450,&quot;normaltextrun&quot;,201340122,&quot;1&quot;,134233614,&quot;true&quot;,469778129,&quot;normaltextrun&quot;,335572020,&quot;1&quot;,469778324,&quot;Default Paragraph Font&quot;]}">No, the rounding rules are updated. The underlying derivation of pure premium base rates and expected loss rates (ELRs) are not changed.</span><span class="NormalTextRun SCXW231318699 BCX8" data-ccp-charstyle="eop" data-ccp-charstyle-defn="{&quot;ObjectId&quot;:&quot;5db34755-c278-48d6-9be2-68cfd41767b3|36&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:[201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777841,&quot;Aptos&quot;,469777842,&quot;&quot;,469777843,&quot;Aptos&quot;,469777844,&quot;Aptos&quot;,201341986,&quot;1&quot;,469769226,&quot;Aptos&quot;,268442635,&quot;22&quot;,469775450,&quot;eop&quot;,201340122,&quot;1&quot;,134233614,&quot;true&quot;,469778129,&quot;eop&quot;,335572020,&quot;1&quot;,469778324,&quot;Default Paragraph Font&quot;]}"> </span></span><span class="EOP SCXW231318699 BCX8" data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p>Wed, 02 Apr 2025 16:21:42 GMThttps://www.mwcia.org:443/is-this-a-methodology-changehttps://www.mwcia.org:443/what-if-carrier-systems-are-not-ready-yet<p><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW267610697 BCX8"><span class="NormalTextRun SCXW267610697 BCX8" data-ccp-charstyle="normaltextrun" data-ccp-charstyle-defn="{&quot;ObjectId&quot;:&quot;5db34755-c278-48d6-9be2-68cfd41767b3|35&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:[201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777841,&quot;Aptos&quot;,469777842,&quot;&quot;,469777843,&quot;Aptos&quot;,469777844,&quot;Aptos&quot;,201341986,&quot;1&quot;,469769226,&quot;Aptos&quot;,268442635,&quot;22&quot;,469775450,&quot;normaltextrun&quot;,201340122,&quot;1&quot;,134233614,&quot;true&quot;,469778129,&quot;normaltextrun&quot;,335572020,&quot;1&quot;,469778324,&quot;Default Paragraph Font&quot;]}">The Minnesota Department of Commerce </span><span class="NormalTextRun SCXW267610697 BCX8" data-ccp-charstyle="normaltextrun">advises</span><span class="NormalTextRun SCXW267610697 BCX8" data-ccp-charstyle="normaltextrun"> carriers </span><span class="NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW267610697 BCX8" data-ccp-charstyle="normaltextrun">may </span><span class="NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW267610697 BCX8" data-ccp-charstyle="normaltextrun">file</span><span class="NormalTextRun SCXW267610697 BCX8" data-ccp-charstyle="normaltextrun"> for an effective date after 1/1/26 should </span><span class="NormalTextRun SCXW267610697 BCX8" data-ccp-charstyle="normaltextrun">additional</span><span class="NormalTextRun SCXW267610697 BCX8" data-ccp-charstyle="normaltextrun"> time be </span><span class="NormalTextRun SCXW267610697 BCX8" data-ccp-charstyle="normaltextrun">required</span><span class="NormalTextRun SCXW267610697 BCX8" data-ccp-charstyle="normaltextrun"> to update </span><span class="NormalTextRun SCXW267610697 BCX8" data-ccp-charstyle="normaltextrun">their </span><span class="NormalTextRun SCXW267610697 BCX8" data-ccp-charstyle="normaltextrun">systems.</span><span class="NormalTextRun SCXW267610697 BCX8" data-ccp-charstyle="eop" data-ccp-charstyle-defn="{&quot;ObjectId&quot;:&quot;5db34755-c278-48d6-9be2-68cfd41767b3|36&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:[201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777841,&quot;Aptos&quot;,469777842,&quot;&quot;,469777843,&quot;Aptos&quot;,469777844,&quot;Aptos&quot;,201341986,&quot;1&quot;,469769226,&quot;Aptos&quot;,268442635,&quot;22&quot;,469775450,&quot;eop&quot;,201340122,&quot;1&quot;,134233614,&quot;true&quot;,469778129,&quot;eop&quot;,335572020,&quot;1&quot;,469778324,&quot;Default Paragraph Font&quot;]}"> </span></span><span class="EOP SCXW267610697 BCX8" data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p>Wed, 02 Apr 2025 16:20:55 GMThttps://www.mwcia.org:443/what-if-carrier-systems-are-not-ready-yethttps://www.mwcia.org:443/will-experience-modification-factors-be-extended-to-three-decimal-places<p><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW41834775 BCX8"><span class="NormalTextRun SCXW41834775 BCX8" data-ccp-charstyle="normaltextrun" data-ccp-charstyle-defn="{&quot;ObjectId&quot;:&quot;5db34755-c278-48d6-9be2-68cfd41767b3|35&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:[201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777841,&quot;Aptos&quot;,469777842,&quot;&quot;,469777843,&quot;Aptos&quot;,469777844,&quot;Aptos&quot;,201341986,&quot;1&quot;,469769226,&quot;Aptos&quot;,268442635,&quot;22&quot;,469775450,&quot;normaltextrun&quot;,201340122,&quot;1&quot;,134233614,&quot;true&quot;,469778129,&quot;normaltextrun&quot;,335572020,&quot;1&quot;,469778324,&quot;Default Paragraph Font&quot;]}">No, experience modification factors will remain at two decimal places. The expected loss rates (ELRs) used in the experience modification calculation will expand to three decimal places.</span></span><span class="EOP SCXW41834775 BCX8" data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}">&nbsp;</span></p>Wed, 02 Apr 2025 16:20:13 GMThttps://www.mwcia.org:443/will-experience-modification-factors-be-extended-to-three-decimal-placeshttps://www.mwcia.org:443/what-miscellaneous-values-will-also-be-extended-to-three-decimal-places<p><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW35603497 BCX8"><span class="NormalTextRun SCXW35603497 BCX8">Guidance for </span><span class="NormalTextRun SCXW35603497 BCX8">Catastrophe (Other Than Certified Acts of Terrorism) will have a trailing zero. </span><span class="NormalTextRun SCXW35603497 BCX8">Guidance for </span><span class="NormalTextRun SCXW35603497 BCX8">Catastrophe Provision for Terrorism </span><span class="NormalTextRun SCXW35603497 BCX8">currently uses</span><span class="NormalTextRun SCXW35603497 BCX8"> three decimal places.&nbsp;</span></span><span class="EOP SCXW35603497 BCX8" data-ccp-props="{&quot;335559739&quot;:0}">&nbsp;</span></p>Wed, 02 Apr 2025 16:19:29 GMThttps://www.mwcia.org:443/what-miscellaneous-values-will-also-be-extended-to-three-decimal-placeshttps://www.mwcia.org:443/how-does-this-change-impact-policy-data<p><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW92621274 BCX8"><span class="NormalTextRun SCXW92621274 BCX8">WCIO WCPOLS supports reporting manual rates</span><span class="NormalTextRun SCXW92621274 BCX8"> with three decimal places.</span><span class="NormalTextRun SCXW92621274 BCX8"> </span><span class="NormalTextRun SCXW92621274 BCX8">Policies effective 1/1/26 and </span><span class="NormalTextRun SCXW92621274 BCX8">subsequent</span><span class="NormalTextRun SCXW92621274 BCX8"> will be reported using three decimal manual rates.</span></span><span class="EOP SCXW92621274 BCX8" data-ccp-props="{&quot;335559739&quot;:0}">&nbsp;</span></p>Wed, 02 Apr 2025 16:18:36 GMThttps://www.mwcia.org:443/how-does-this-change-impact-policy-datahttps://www.mwcia.org:443/how-does-this-change-impact-unit-statistical-data<p><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW10908151 BCX8"><span class="NormalTextRun SCXW10908151 BCX8">WCIO WCSTAT supports reporting manual rates with three decimal places. </span><span class="NormalTextRun SCXW10908151 BCX8">1</span></span><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW10908151 BCX8"><span class="NormalTextRun Superscript SCXW10908151 BCX8" data-fontsize="12">st</span></span><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW10908151 BCX8"><span class="NormalTextRun SCXW10908151 BCX8"> report valuations on 7/1/27 and </span><span class="NormalTextRun SCXW10908151 BCX8">subsequent</span><span class="NormalTextRun SCXW10908151 BCX8"> will be reporting with three decimal manual rates.</span></span><span class="EOP SCXW10908151 BCX8" data-ccp-props="{&quot;335559739&quot;:0}">&nbsp;</span></p>Wed, 02 Apr 2025 16:16:29 GMThttps://www.mwcia.org:443/how-does-this-change-impact-unit-statistical-data