Settlement Made on Workers Comp Rates
State Insurance Commis-sioner Wayne Goodwin has settled the workers compensation rate filings from the North Carolina Rate Bureau.
The bureau represents the state's workers compensation insurance companies. The settlement ordered a 0.6 percent increase to the voluntary market loss costs and 4.1 percent increase to the assigned risk markets, a news release said. The changes are effective April 1, 2011, and represent a savings of $7 million for businesses over what was initially requested, according to Goodwin.
"After a thorough review, my office determined that slight increases to the workers compensation loss costs were necessary," Goodwin said. "I'm proud that through our work, North Carolina businesses will save $7 million in workers compensation costs, and that we were able to negotiate smaller-than-requested increases for the voluntary market."
The bureau is required to submit workers compensation rate filings annually in September. The 2010 filings requested an average increase of 1.2 percent in loss costs for the voluntary market and an average increase of 5.5 percent in the assigned risk markets.
In 2009, Goodwin ordered a 9.6 percent decrease to the workers compensation voluntary loss costs and no change (zero percent) to the assigned risk markets, which saved businesses $119 million.
More like this story