Governor Deval Patrick has recently agreed to keep Massachusetts workers’ compensation rates at their current levels after an agreement was reached between the Massachusetts worker’s compensation bureau, the state insurance division and the attorney general’s office.
As earlier reported in Massachusetts Workers’ Compensation Rate Freeze, Massachusetts Attorney General Martha Coakley came to an agreement last month with the Workers’ Compensation Rating and Inspection Bureau of Massachusetts (WCRIBMA), the organization that oversees workers’ compensation rates in Massachusetts.
The rate agreement will now be upheld and there will be no rate increase at least until September of 2012. Insurance Commissioner Joseph Murphy said that rates will remain at the current level under the agreement that the governor has reviewed and supports. The WCRIB originally proposed a 6.6 percent increase in premiums. Attorney General Coakley claimed that by freezing these rates instead of increasing them, Massachusetts employers and businesses will be able to save up to $65 million. Last year, state insurance regulators reached an agreement with the WCRIB to cut overall rates by 2.4 percent, despite the bureau’s request to increase them by 4.5 percent.
Paul Meagher, the President of the Massachusetts WCRIB, said “with the economic recovery just beginning to gain traction, the workers’ compensation insurance industry is willing to assist Massachusetts employers by waiting another year before requesting a rate increase.”
These rates for workers’ compensation insurance are negotiated and established every two years in a hearing with the Commissioner of Insurance. This year’s insurance data will be examined before a decision will be made if a further rate freeze will be necessary in 2012. Businesses in Massachusetts must purchase workers’ compensation insurance to provide coverage for workers who are injured on the job.
If you have been injured at work or have a question regarding a workers’ compensation case, contact an experienced Massachusetts workers’ compensation lawyer.
Mass. rejects hike in workers’ compensation rates, The Boston Globe,
April 12, 2011
Massachusetts workers comp rates to remain unchanged until Sept. 2012, Business Insurance, April 13, 2011
Related Blog Post:
Massachusetts Workers’ Compensation Rate Freeze
Contact Massachusetts work injury lawyers if you have been injured on the job.