Delaware Insurance Commissioner Karen Weldin Stewart today announced the approval of Delaware Compensation Rating Bureau (DCRB)’s workers’ compensation amended rate filing, resulting in an overall average increase of 7.09 percent in residual market rates and 7.20 percent in voluntary market loss costs, with the effective date of Dec. 1, 2015, for new and renewal businesses.
The DCRB originally proposed in September overall increases of 14.92 percent for the residual market plan and 15.03 percent for the voluntary market loss costs. The Delaware Department of Insurance stated that the insurance commissioner’s independent actuaries and the state’s ratepayer advocate each examined DCRB’s filing and recommended increases lower than the ones requested by DCRB.
Following extensive discussions, the three parties proposed the amended rates which the commissioner approved today, the department stated.
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