Delaware Insurance Commissioner Karen Weldin Stewart announced that the state’s Department of Insurance has scheduled a public hearing for Jan. 12 and 13 to receive public comment on the proposed decrease in both the workers’ compensation voluntary market loss costs and the residual market rates for 2015.
The Delaware Compensation Rating Bureau (DCRB) proposed in October a 3.52 percent decrease in voluntary market loss costs and a 1.56 percent decrease in the residual market rates. The proposal represents a contrast from double-digit increases in average workers’ comp rates in the past couple of years.
Stewart said she has received filings from Milliman Inc. and INS Consultants Inc., two independent actuaries engaged by the Department of Insurance, and by a third independent actuary, AIS Risk Consultants, working for Delaware’s ratepayer advocate.
Stewart said all three filings are in agreement that an overall reduction in both residual market rates and in voluntary market loss costs, as proposed by the DCRB, is in order.
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