North Carolina workers’ compensation rates paid by employers are going down.
The state has agreed to a 9.6 percent decrease to the voluntary market loss costs and no change (zero percent) for the assigned risk markets. The changes will go into effect April 1, 2010.
Insurance Commissioner Wayne Goodwin announced the rate settlement with the North Carolina Rate Bureau, the organization that represents the state’s workers compensation insurance companies.
The industry had requested the same 9.6 percent decrease in the voluntary market along with a 1.3 percent increase in the assigned risk markets.
The loss cost rate adjustments could save employers more than $100 million total.
In the voluntary market, the overall 9.6 percent loss cost decrease proposal breaks out by classification as follows: -12% for manufacturing; -9.5% contracting; -18.4% office and clerical; -7.2% goods and services; and -2.7% miscellaneous. Federal longshore and harbor workers’ loss costs would go up 8.8%.
The expense constant will remain at $250 but the maximum minimum premium increases to $1,000 and the minimum premium multiplier to 200.
Goodwin held a public hearing in September of the rates.
“I’m proud that we were able to implement a public comment period for this filing, and I look forward to continuing this practice for future rate filings that the department handles,” said Goodwin.
Was this article valuable?
Here are more articles you may enjoy.
Home Insurance at $10,000 a Year Shows California Buyers’ Pain 
Washington Insurance Commissioner Fines Unite Health, Others $500K for Violations 
House Collapses Into Flood-Swollen River Near Minnesota Dam Amid Storms 
US Home Insurance Still Priced Too Low for Climate Risk, Says Swiss Re Chair 
