Commissioner Stewart Posts Reports on Proposed Workers’ Compensation Rate Filings

Commissioner Stewart Posts Reports on Proposed Workers’ Compensation Rate Filings

Documents Available on New DOI Webpage

 

DOVER, DE – Insurance Commissioner Karen Weldin Stewart announced today that the Department of Insurance has posted three actuarial reports evaluating proposed 2016 workers’ compensation rates to the DOI website.

 

Milliman, Inc. and INS Consultants, Inc., two independent actuaries engaged by the Department of Insurance, and AIS Risk Consultants, a third independent actuary working for Delaware’s Ratepayer Advocate, have filed reports evaluating proposals for both residual market rates and involuntary market loss costs, as submitted by the Delaware Compensation Rating Bureau (DCRB) under Filing 1502.

 

The actuarial reports and all documents related to Filing 1502 are available on a new “Dockets” section of the DOI website, established by Commissioner Stewart to provide greater transparency in the workers’ compensation rate-making process. For access, go to http://www.delawareinsurance.gov/departments/documents/dockets/

 

Commissioner Stewart reminds the public that three public information sessions regarding Filing 1502, one in each county, have already been announced:

 

Tuesday, October 20, 2015, at 2:00 p.m.

Insurance Department

841 Silver Lake Blvd., Dover, DE 19904

 

Tuesday, October, 20, 2015, at 7:00 p.m.

Delaware Technical Community College – Owens Campus

Theater Auditorium – Arts & Science Center

21179 College Drive, Georgetown, DE 19947

 

Wednesday, October 21, 2015, at 6:00 p.m.

Carvel State Office Building, 2nd Floor Auditorium

820 North French Street, Wilmington, DE 19801

 

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For more information:  Jerry Grant 302-674-7303

Department of Insurance: www.delawareinsurance.gov | 302-674-7300


Department of Insurance Schedules Public Information Sessions on Workers’ Compensation Rates

 

Department of Insurance Schedules Public Information Sessions on Workers’ Compensation Rates

DOVER, DE – Insurance Commissioner Karen Weldin Stewart announced today that the Department of Insurance will hold three public information sessions regarding Delaware Compensation Rating Bureau Filing No. 1502, which proposes workers’ compensation insurance rates for the upcoming year:

 

Tuesday, October 20, 2015, at 2:00 p.m.

Insurance Department

841 Silver Lake Blvd., Dover, DE 19904

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Tuesday, October, 20, 2015, at 7:00 p.m.

Delaware Technical Community College – Owens Campus

Theater Auditorium – Arts & Science Center

21179 College Drive, Georgetown, DE 19947

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Wednesday, October 21, 2015, at 6:00 p.m.

Carvel State Office Building, 2nd Floor Auditorium

820 North French Street, Wilmington, DE 19801

 

The purpose of the three public information sessions is to provide information to the public on the process followed by the Delaware Compensation Rating Bureau (DCRB) in the preparation and filing of Filing No. 1502, and the process followed by the Department of Insurance in reviewing Filing No. 1502.  The public information sessions are not the forum to discuss or debate the merits of the DCRB rate filing, or whether it should be approved or disapproved.  Those topics will be the subject of a future public administrative hearing.

 

The docket number assigned to this matter is 2916-2015. A copy of Filing No. 1502 can be located online:

http://www.dcrb.com/dcrb/filings/1502/d_filing_1502.htm

 

The public is invited to make comments in writing or orally at the public information sessions.  Written comments must be received no later than Monday, October 19, 2015, by 4:00 p.m., and should be addressed to the attention of Rhonda West, Regulatory Specialist, Delaware Department of Insurance, 841 Silver Lake Boulevard, Dover, DE 19904; or can be sent via email to mailto: DOI_WorkersComp@delaware.gov  Any public comment submitted, along with the names and addresses of those submitting public comments, will be published on the Delaware Department of Insurance website and is subject to release under 29 Del. C. §§ 10001 – 10006.

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For Immediate Release
For more information contact
 Jerry Grant at 302-674-7303

 


Department of Insurance Recovers Nearly $1 Million for Delaware Consumers through June 2015

Department of Insurance Recovers Nearly $1 Million for Delaware Consumers through June 2015

Businesses Also Saved Almost $4 Million in Workers Comp Premiums

DOVER, DE – Insurance Commissioner Karen Weldin Stewart and the Delaware Department of Insurance announced today that its Consumer Services Division has recovered $995,558.73 for consumers during the first six months of 2015. Delaware employers have also saved approximately $3,978,296.00 in workers compensation premiums during the same period through the Department’s Workplace Safety Program.

The Consumer Services Division received 2,345 formal insurance coverage complaints and inquiries regarding automobile, homeowner’s and health policies between January 1 and June 30, and directly recovered $543,052.39 from insurers on Delaware policyholders’ behalf. The Division also conducted arbitration hearings requested by or on behalf of policyholders, which netted consumers $452,506.34 in arbitration awards.

“Our Consumer Services Division staff continues to fight for Delaware consumers,” said Stewart. “We want people to know about their rights and options when dealing with insurance companies. Policyholders can always turn to us for free and unbiased assistance with their insurance questions.”

Commissioner Stewart is also happy that the Workplace Safety Program continues to save workers compensation costs for Delaware businesses.  “I know insurance premiums are a significant part of the cost of operating a business, big or small.  This program is great because it benefits employers and employees.”

The Workplace Safety Program incentivizes employers to establish and maintain safe workplaces. The program provides businesses with the opportunity to earn discounts of up to 19 percent on their workers’ compensation insurance premiums by meeting certain safety requirements and agreeing to undergo periodic inspections. The $3,978,296.00 savings figure, provided by the Delaware Compensation Ratings Bureau, is approximate because businesses may pay their workers compensation insurance premium annually, quarterly, or by some other schedule.

For help with general insurance matters, call the Department at (302) 674-7300. Call (800) 282-8611 for Consumer Services. For more information on the Workplace Safety Program call (302) 674-7377.Go to our website at www.delawareinsurance.gov, and visit our Facebook page, www.facebook.com/DelawareInsurance. Follow us on Twitter @Delaware_DOI.

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For immediate release.
Media Inquiries? Contact: Jerry Grant @ 302-674-7303
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Delaware Dept. of Insurance: www.delawareinsurance.gov | 302-674-7300


Insurance Commissioner Stewart Announces Substantial Decreases in Workers’ Compensation Rates

Insurance Commissioner Karen Weldin Stewart Announces
Substantial Decreases in Workers’ Compensation Rates

Expected Savings for Employers May Reach $20 million

 

DOVER, DE  – Insurance Commissioner Karen Weldin Stewart today approved the Delaware Compensation Rating Bureau’s workers’ compensation amended rate filing, resulting in overall average decreases of 9.7% in the residual market rate and 11.5% in the voluntary market loss cost.

The decreases are the result of cooperation among the DCRB, the Department of Insurance and Delaware’s Ratepayer Advocate, and are expected to save employers approximately $20 million in insurance costs this year.

“After several years of rate increases, I am pleased to announce a decrease in the premium most business owners will pay this year when purchasing workers’ compensation insurance,” said Commissioner Stewart. “As I said when the preliminary numbers were released in the fall, the decrease is the result of all the stakeholders working together to bring down Delaware’s high health care costs, which have been driving rates up over recent years.

“I want to thank the General Assembly for passing House Bill 373 last session, requiring that medical costs be reduced over the next three years.  I particularly want to thank my fellow members of the Governor’s Workers Compensation Oversight Panel, including Chair Rich Heffron, and Attorney General Matt Denn, past Chair of Workers’ Compensation Task Force, for doing the hard work that laid the foundation for HB 373.”

The effective date of the decrease is retroactive to December 1, 2014 for new and renewal business.

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Learn how your business could save up to 19% on workers’ compensation insurance premiums by participating in the Delaware Workplace Safety Program. Learn more about the program by visiting http://delawareinsurance.gov/services/workplacesafetydiscount.shtml, or call 302-674-7377.

 

Delaware Department of Insurance: “Protecting Delawareans through regulation and
education while providing oversight of the insurance industry to best serve the public.”


Preliminary Workers’ Compensation Rates Indicate Decrease

Preliminary Workers’ Compensation Rates Indicate Decrease

Commissioner Stewart will review actuaries’ filings

 

DOVER, DE–The Delaware Department of Insurance is in receipt of Delaware Compensation Rating Bureau filing No. 1404, which indicates a decrease in both the voluntary loss cost and residual market rate for workers’ compensation insurance for 2015. Commissioner Karen Weldin Stewart is encouraged that DCRB’s initial indicated rates reflect a decrease.  The Commissioner has hired two independent actuaries to review the filing along with the Ratepayer Advocate’s independent actuary.

 

“If this potential decrease becomes a reality, it will be as a result of all the stakeholders working together to bring down the health care costs which have been driving workers compensation rates up over recent years,” said Commissioner Stewart. “I applaud the members of the General Assembly for passing House Bill 373, which mandates that medical costs be reduced by 33 percent over a three year period. I also congratulate my fellow members of the Governor’s Workers Compensation Oversight Panel for doing the hard work and research that was the foundation of HB 373.  Without the caps imposed on hospital fees by that legislation, I feel we would be facing rate increases in the neighborhood of 26 to 30 percent.”

 

The complete DCRB filing may be accessed by going to: http://www.dcrb.com/dcrb/filings/1404/d_filing_1404.htm

 

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For more information, contact Jerry Grant at 302-674-7303.

www.delawareinsurance.gov