For Immediate Release: October 27, 2010
Department of Insurance Settles Workers Comp Rate Filings
Settlement represents savings of $7 million for North Carolina businesses
RALEIGH -- Insurance Commissioner Wayne Goodwin today announced the settlement of the workers compensation rate filings from the North Carolina Rate Bureau, the organization that represents the state's workers compensation insurance companies. The settlement ordered a 0.6 percent increase to the voluntary market loss costs and 4.1 percent increase to the assigned risk markets. The changes are effective April 1, 2011 and represent a savings of $7 million for businesses over what was initially requested.
"After a thorough review, my office determined that slight increases to the workers compensation loss costs were necessary," said Commissioner Goodwin. "I'm proud that through our work, North Carolina businesses will save $7 million in workers compensation costs, and that we were able to negotiate smaller-than-requested increases for the voluntary market."
The Bureau is required to submit workers compensation rate filings annually in September. The 2010 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 full filings and settlements are available for public review on the Department's website. Visit this Serff Web site and search for Serff Tracking numbers NCPC-126289369 and NCPC-126289290.
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. For a history of North Carolina workers compensation rate filings, please review the attached chart.