In March, The Workers’ Compensation Rating and Inspection Bureau (WCRIBMA) filed for a massive rate increase that we highlighted here. To follow up on this, the Commissioner of Insurance has disapproved the WCRIBMA’s filing.
Read more HERE
Keeping the rates unchanged is a short term solution to keep WC costs down for consumers. Long term effects will include more companies limiting their appetite for Massachusetts workers compensation business. This means there will be less companies that want to underwrite workers compensation in MA. This will lead to an increasing struggle to obtain coverage outside of the Massachusetts Assigned Risk Pool.
We will certainly hear more about this in 2013!