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COMMISSIONER OF INSURANCE REJECTS FILING INCREASE

The Workers’ Compensation Rating and Inspection Bureau of MA (WCRIBMA) filed for a rate increase in March 2012, however the Commissioner of Insurance rejected the proposed $175M rate increase. It was argued that the rate request was unjustifed becuase it had based teh figures on inflated net loss trends and unreasonable projections. In Massachusetts, businesses are required to purchased Workers Compensation insurance, providing coverage for expenses and lost wages of workers injured on the job.

Therefore, there will be NO CHANGE IN RATES AND RATING VALUES effective September 2012. Additionally, the MA ARAP will remain at the current 1.25 max; the current MA loss limit will remain at $175,000; and the MCCPAP (MA Construction Credit Premium Adjustment Program) also remains unchanged.