North Carolina Insurance Commissioner Jim Long approved a workers’ compensation rate filing from the North Carolina Rate Bureau, the organization that represents the state’s workers’ compensation insurance companies.
The filing requested a 4.4 percent decrease in the voluntary market and a 3.8 percent decrease in assigned risk markets. The rate decreases will go into effect on April 1, 2009.
The decreases will save businesses approximately $65.5 million. The average rate for workers’ comp in the voluntary market is now estimated to be 2.17 percent of payroll.
Source: North Carolina Department of Insurance
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