Massachusetts Division of Insurance announced on Aug. 30 that it has rejected a request to raise the state’s workers’ compensation rates by 18.8 percent.
Massachusetts regulators’ decision to strike down the request and keep the rates unchanged came after a five-month public comment hearing process.
The rate hike request was made in March 2012 by the Worker’s Compensation Rating and Inspection Bureau of Massachusetts (WCRIB). The WCRIB acknowledged it was seeking a significant increase, but it argued that an increase is necessary, partly because rates have not risen since 2001.
In its announcement, Massachusetts regulators stated, “We conclude, after reviewing the evidence on specifically contested issues, that the evidence does not support approval of the rate increase requested in the filing. We also conclude that the record is insufficient to support a rate decrease.”
Topics Pricing Trends Massachusetts
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