Late August, the Division of Insurance rejected a proposed increase to Massachusetts workers’ compensation rates by 18.8 percent.
After a five month hearing process, the rates will remain unchanged, and businesses will not be forced to pay an estimated $200 million on projected premium increases. The Workers’ Compensation Rating and Inspection Bureau were behind the proposed rate increase, and said it was necessary since rates aven’t risen since 2001.
The Insurance Commissioner stated, “After analyzing the wealth of data and information presented during the case, we found insufficient support for such a significant increase.”
Workers’ compensation insurance provides coverage for things such as medical care and lost wages for workers that are injured at work. Workers’ compensation insurance is mandatory for Massachusetts businesses.
Pulgini & Norton, LLP attorneys have handled workers’ compensation claims for over 25 years in and around Boston and its surrounding areas. If you or a family member has been injured at work and would like to seek legal assistance, please contact us at (781) 843-2200 or (888) 344-2046 or email us.
Mass. Division of Insurance rejects proposed hike of workers’ compensation rate, boston.com, August 30, 2012
Massachusetts Strikes Down 18.8% Workers’ Comp Rate Hike Proposal, Insurance Journal, August 31, 2012