DANA has continued to represent our members on the issue of Workers’ Compensation Insurance as one of our Public Policy initiatives. My earlier blog alerted you to the hearings on November 4th and 5th and we were there as well to submit a statement. As you can see below, the rate approved was less that half of what was requested, but we continue to work with the Insurance Commissioner and we agree with the position of the members of the “Workers Compensation Oversight Panel,” chaired by Delaware State Chamber of Commerce’s President Richard Heffron, that "rates should be in the range proposed by the Panel's independent actuary, which recommended a 2-3% increase.”
Insurance Department Announces Workers' Compensation Rates for 2016
DOVER, DE (November 17, 2015) - 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.
As always, if you’d like to talk about this with me please give me a call at 302.777.5500 or email me at firstname.lastname@example.org