The WCRIBMA submitted its rate filing to the Division on December 23, 2015
The Massachusetts Division of Insurance has scheduled a hearing on January 29th, at 10:00 a.m., to consider the rate filing submitted by the Workers’ Compensation Rating and Inspection Bureau of Massachusetts’ (“WCRIBMA”). The WCRIBMA submitted a rate filing with the Division on December 23, 2015 seeking a statewide average increase in workers’ compensation rates of 6.4 percent effective July 1, 2016. With the worker’s compensation residual market over 19% as of October 2015, it has been two year’s since the last time the WCRIBMA submitted a rate filing to the Division.
For those unfamiliar with the WCRIBMA, or officially the Workers’ Compensation Rating and Inspection Bureau of Massachusetts, it is an unincorporated association licensed as a rating organization pursuant to M.G. L. c. 152 §52C, for a general revision of workers’ compensation insurance risks and premiums.
The Docket Number for the WCRIBMA Rate Filing Hearing is R2015-02
In accordance with Massachuetts General Law c. 152, §53A, the Commissioner of Insurance is authorized to hold a hearing upon the submission of a rate filing “…to afford all interested persons an opportunity to provide evidence and testimony relating to the proposed workers’ compensation classifications, risks and rates so that the Commissioner can determine whether the proposed classifications and rates are excessive, inadequate, or unfairly discriminatory for the risks to which they apply and whether they fall within a range of reasonableness.”
The WCRIB is requesting a statewide average rate increase of 6.4 percent and an effective date of July 1, 2016
For Massachusetts insurance professionals interested in reviewing the WCRIBMA’s rate filing for themselves, all of the proposed rates and supporting documentation is available for inspection at the Division’s offices during its normal business hours. In addition, the WCRIBMA has provided an online copy of its rating filing on its website.
How to participate in the Division of Insurance Rate Filing Hearing
Interested individuals who would like to submit testimony or to participate in the Division’s Rate Filing hearing must comply with certain procedures which the DOI has set forth in 211 CMR 110.05 (3). For those who wish to submit unsworn oral or written statements during the January 29th hearing, the Division requires a notice of intent to comment from such persons no later than January 27, 2016. Anyone else interested in speaking at the hearing will be allowed to be heard after those who have first notified the Division by the deadline.
If an individual or party is interested in submitting data to be reviewed during the hearing, a hard copy of such data should be filed with the DOI no later than January 15, 2016. All notices and documents should be sent to the following:
Any and all notices and submissions must be sent to the Docket Clerk, Hearings and Appeals, Division of Insurance, and must refer to Docket No. R2015-02. Notices of intent to comment may be sent by electronic mail to firstname.lastname@example.org.
View an official copy of the Division of Insurance’s Notice of Hearing
Here is a screenshot of the official notice on the Division of Insurance’s website: