Insurance Department Announces Workers’ Compensation Rates for 2016

DOVER, DE  – Insurance Commissioner Karen Weldin Stewart today approved the Delaware Compensation Rating Bureau (DCRB)’s workers’ compensation amended rate filing, resulting in an overall average increase of 7.09% in residual market rates and 7.20% in voluntary market loss costs.

The DCRB originally proposed overall increases of 14.92% for the residual market plan and 15.03% for the voluntary market loss costs. The Commissioner’s independent actuaries and the state’s Ratepayer Advocate each examined DCRB’s filing and recommended increases lower than the ones requested by DCRB. Following extensive discussions, the three parties proposed the amended rates which the Commissioner approved today.

The DCRB’s amended filing No. 1502 may be found at

http://www.delawareinsurance.gov/departments/safety/dcrb.shtml

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