Today’s issue of WorkCompRecap features news out of Massachusetts, as Insurance Commissioner Joseph G. Murphy’s office announced that he has signed an agreement that holds workers’ compensation rates at current levels.
The agreement between the Workers’ Compensation Rating and Inspecting Bureau (WCRIB), the Division of Insurance’s State Rating Bureau, and the Attorney General’s Office holds rates constant until at least September 2012. The WCRIB had originally asked for an overall 6.6 percent increase. Last year’s agreement with WCRIB actually cut overall rates 2.4 percent, instead of increasing them 4.5 percent as originally requested. Interestingly, it also required another filing within one year, where traditionally, the agreements had stuck to a two year cycle.
Find out more (including a link to WCRIB’s filing!) by clicking here.