Despite a request from the Worker’s Compensation Rating Inspection Bureau of Massachusetts to raise rates by 4.5 percent, Attorney General Martha Coakley has reviewed the industry’s proposed rates and determined that current rates will need to be reduced by 2.4 percent.
Coakley says the proposed rate hikes would have cost employers tens of millions in additional premium payments. In addition to this year’s rate reductions, Massachusetts workers’ compensation insurance companies will be subject to another rate review and possible rate cuts in 2011.
The settlement still needs final approval from the state’s commissioner of insurance. If approved, the lower workers’ comp rates will be in effect next fall. The hope is that lower costs will spur job growth across the state and protect employers from overpaying.
Source: Massachusetts: Attorney general nixes insurers’ request for increase, RiskAndInsurance.com, July 8, 2010
If you have been injured on the job in Massachusetts and are not receiving the medical care and benefits you need, our Massachusetts workers’ compensation attorneys may be able to help.