The Massachusetts Department of Industrial Accidents (DIA) reduced the assessment that private employers pay to the state on workers’ compensation policies to 5.75 percent of the policy premium for the new fiscal year, down from 5.8 percent during the last fiscal year.
The new assessment rate is for policies effective for the 2016 fiscal year that began on July 1, according to a circular letter issued on July 2 by the Massachusetts Workers’ Compensation Rating and Inspection Bureau (WCRIBMA).
The assessment rate for self-insured employers will stay constant at 5.31 percent of the policy premium while the assessment rate for private employers that have opted out of participating in the state’s second injury fund will be 1.66 percent, down from 1.7 percent during the last fiscal year.
The DIA administers the workers’ comp insurance system in Massachusetts.
Was this article valuable?
Here are more articles you may enjoy.
Lemonade Books Q4 Net Loss of $21.7M as Customer Count Grows 
Munich Re Unit to Cut 1,000 Positions as AI Takes Over Jobs 
Experian Launches Insurance Marketplace App on ChatGPT 
Fla. Commissioner Offers Major Changes to Citizens’ Commercial Clearinghouse Plan From This Issue
