North Carolina Insurance Commissioner Wayne Goodwin said he has received industry rate filings for workers compensation requesting a 9.6 percent decrease in the voluntary market and a 1.3 percent increase in the assigned risk markets.
If approved, the loss cost rate adjustments would go into effect on April 1, 2010, and employers could save more than $119 million total.
In the voluntary market, the overall 9.6 percent decrease proposal breaks out by classification as follows: -12% manufacturing; -9.5% contracting; -18.4% office and clerical; -7.2% goods and services; and -2.7% miscellaneous. Federal longshore and harbor workers’ rates would go up 8.8%.
For the assigned risk market, the overall 1.3% increase proposed breaks down by classification as follows: +1.3% manufacturing; +1.4% contracting; -8.5% office and clerical; +4.0% goods and services; +9.0% miscellaneous. Federal longshore and harbor workers’ rates in the assigned risk market would go up 22%.
The proposal keeps the expense constant at $250 but would increase the maximum minimum premium to $1,000 and hike the minimum premium multiplier to 200.
The rate filings were submitted by the North Carolina Rate Bureau on behalf of individual insurance carriers that would use them to base their own rates on.
Goodwin has scheduled a public hearing for Sept. 15.
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