The Maine Bureau of Insurance has modified the request of the industry’s National Council on Compensation Insurance for an average 1.8 percent increase in workers’ compensation rates for policy year 2006 to 1.2 percent. The new rates are effective Jan. 1, 2006.
Superintendent of Insurance Alessandro Iuppa said that the reduction is expected to save employers approximately $1.6 million on policies issued or renewed in 2006.
Though the frequency of lost time claims has continued to decrease since 2000, the average cost per case for both wage loss and medical benefits has increased which has offset claims savings, Iuppa noted.
Topics Workers' Compensation
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