The Workers’ Compensation Rating and Inspection Bureau of Massachusetts (WCRIBMA) has submitted a rate filing to the Division of Insurance on behalf of its members.
The Dec. 23 filing recommends a 6.4 percent increase in average rates for industrial classes and an 8.8 percent decrease for F-Classes, which provides coverage under the U.S. Longshore and Harbor Workers’ Compensation Act. The proposed effective date of the filing is July 1, 2016. WCRIBMA filed no change to expense constants.
WCRIBMA said in its Dec. 23 circular letter that the Massachusetts commissioner of insurance will soon issue a hearing notice. WCRIBMA added that in anticipation of the rate filing, it has been issuing ratings effective on July 1, 2016 and subsequent with a preliminary status. The preliminary ratings will be revised at the conclusion of the rate case.
WCRIBMA also noted that until a decision is received, carriers should attach the Massachusetts Pending Premium Change Endorsement (WC 20 04 01) to all new and renewal policies effective on or after July 1, 2016.
WCRIBMA is a private non-profit unincorporated association of insurers that is licensed by the Massachusetts Division of Insurance as a rating organization for workers’ compensation insurance in Massachusetts. As a licensed rating organization, WCRIBMA collects policy, claims and financial data from all carriers licensed to sell workers’ compensation insurance in Massachusetts.
Topics Workers' Compensation Talent Pricing Trends Massachusetts
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