Delaware Approves 14% Hike in Workers' Comp Voluntary Market Loss Costs

 Delaware Insurance Commissioner Karen Weldin Stewart announced she has approved the re-submission of workers’ compensation rate filing regarding the residual market rate and the voluntary market loss cost.The commissioner and Ratepayer Advocate Fred Townsend, along with their actuaries, concurred that the increases of 11.4 percent in residual market rates and 14 percent in voluntary market loss costs met the requirements in Delaware law that rates must not be inadequate, excessive, or unfairly discriminatory. DCRB’s earlier filing had called for a larger increase.The effective date of the increase is retroactive to Dec. 1, 2013, for new and renewal business.via Delaware Approves 14% Hike in Workers' Comp Voluntary Market Loss Costs.