The Division of Insurance will hold a public hearing on the Workers’ Compensation Rating and Inspection Bureau (WCRIB) proposed rate filings for Workers’ Compensation Insurance on March 30, 2012 at 10:00 a.m.
The hearing will take place at the Division of Insurance, 1000 Washington Street, Boston, MA 02118-6200.
On Monday, Agency Checklists reported that the WCRIB had filed a proposal with the Division of Insurance for an increase in workers’ compensation insurance rates effective as of September 2012. The rate proposal, as filed, requests an overall rate increase of 19.3%.
The Division of Insurance notice states that the hearing will afford an opportunity for all interested persons “… 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….”
In the WCRIB’s press release, Paul Meagher, President of the WCRIB said that the rate increases were vital for the survival of a competitive market in Massachusetts. “While we recognize that the current filing calls for a significant rate increase, it reflects the real costs of providing this kind of insurance. Without a rate increase, we will be unable to maintain a competitive market for workers’ compensation insurance in Massachusetts.”
A pre-hearing conference will be held immediately after the public hearing on March 30th. Any party interested in presenting oral or written testimony at the March 30th hearing must submit a notice of intent by March 28, 2012. The Division of Insurance asks that anyone planning to introduce data at the hearing, that it be filed with the DOI no later than March 16, 2012. As always, all notices or submissions should be sent to the Docket Clerk, Hearings and Appeals, Division of Insurance and should include the Docket No. 2012-01.
The official notice under G.L.c. 152, §53A, has specific procedures for submitting evidence to be considered by the Commissioner. A link to this notice is below.
Other Agency Checklists articles on Workers’ Compensation Insurance in Massachusetts