For Immediate Release: September 8, 2010
Contacts: Kristin Milam or Kerry Hall: 919-807-6011
Department of Insurance Receives Workers Comp Rate
RALEIGH -- Insurance Commissioner Wayne Goodwin has received the 2010 workers compensation rate filings from the North Carolina Rate Bureau, the organization that represents the state's workers compensation insurance companies. The filings requested an average increase of 1.2 percent in loss costs for the voluntary market and an average increase of 5.5 percent in the assigned risk markets. The NCRB is required to submit workers compensation rate filings annually on Sept. 1.
"My office will thoroughly review these filings to determine what rate adjustments are warranted," said Commissioner Goodwin. According to state laws, the Department has 60 days to review the filing before making a decision, Commissioner Goodwin added.
The full 2010 filings are available for public review on the Department's website. Go to http://pserff.ncdoi.net/pc.html and search for SERFF tracking numbers NCRI-126793739 and NCRI-126793740.
In 2009, Commissioner Goodwin ordered a 9.6 percent decrease to the workers compensation voluntary loss costs and no change (zero percent) to the assigned risk markets, which saved businesses approximately $119 million.