Massachusetts regulators have rejected the state Workers’ Compensation Rating and Inspection Bureau’s request to raise workers’ comp rates by 18.8%.
The decision and order followed a five-month hearing process that included statements from the public, testimony from experts and cross examination of witnesses, the division of insurance said.
The bureau is a private nonprofit association of insurers that is licensed by the Massachusetts Division of Insurance as a rating organization for workers’ comp insurance in the state. The bureau collects policy, claims and financial data from all carriers licensed to sell workers’ compensation insurance in Massachusetts, and files rates, classifications and rating plans on behalf of its member insurers. The bureau also administers the workers’ comp assigned risk pool.
Advisen September 2012