Maine insurance regulators have approved another drop in the state’s workers’ compensation rates — the second in less than a month.
A 3.2 percent decrease announced on Nov. 18 was expected to reduce workers’ compensation insurance premiums by $6.1 million in 2012. Maine Insurance Superintendent Eric Cioppa said last Friday that another 3.8 percent drop should save Maine companies an additional $7 million.
Cioppa tells the Bangor Daily News that he can’t recall seeing two rate drops in one year.
The first rate cut was attributed largely to employers’ increasing focus on safety. Cioppa tells the newspaper that the new rate cut came after the Maine Workers’ Compensation Board issued an official medical fee schedule as required under 1992 overhaul legislation.
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