The Massachusetts Division of Insurance announced Tuesday a hearing will be held on Jan. 30 to consider the request of the Workers’ Compensation Rating and Inspection Bureau of Massachusetts (WCRIB).
WCRIB is a private non-profit unincorporated association of insurers that is licensed as a rating organization for workers’ comp insurance in Massachusetts. WCRIB is requesting a statewide average rate increase of 7.7 percent and an effective date of Jan. 1, 2014, according to the announcement.
The Jan. 30 hearing would give interested parties an opportunity to provide evidence and testimony relating to the proposed workers’ compensation classifications, risks and rates. The hearing is intended to assist the insurance commissioner in determining whether the proposed classifications and rates are excessive, inadequate, or unfairly discriminatory for the risks to which they apply, and whether they fall within a reasonable range.
Source: Massachusetts Division of Insurance