Dover, DE – Delaware Insurance Commissioner Karen Weldin-Stewart recently announced that she has approved the re-submission of the Delaware Compensation Rating Bureau (DCRB) workers’ compensation rate filing regarding the residual market rate and the voluntary market loss cost. Commissioner Stewart stated that increases of 11.4 percent in residual market rates and 14 percent in voluntary market loss costs were necessary. The Property Casualty Insurers Association of America has released the following statement in response to the decision from Oyango Snell, State Government Relations Counsel for PCI:
“We commend Commissioner Stewart for attempting to balance the interests of all parties and recognizing that Delaware’s spiraling workers compensation costs threaten the state’s economy. This a clear step in the right direction, yet will still have more work to do. The initial filing by the Rating Bureau was actuarially justified and demonstrated the magnitude of the problem. The high medical costs in this state are taking a toll on injured workers, their co-workers, employers, and family members. The increase granted is necessary and highlights the need for effective workers compensation reforms to control escalating medical costs. PCI and our members will continue to be engaged in this issue as we work to drive the escalating costs down while providing quality care for injured workers.”
Source: PCI