The Boston Globe reported on Saturday that insurance companies across the state will not be raising their Massachusetts workers’ compensation rates as initially planned.
Boston Globe Staff Reporter Deirdre Fernandes wrote:
The state and insurance companies have agreed to keep the rates that businesses pay to compensate injured employees for lost wages and medical care the same.
The settlement between the state’s Division of Insurance and attorney general’s office and the Workers’ Compensation Rating and Inspection Bureau was announced Friday. The bureau, which represents companies such as Liberty Insurance, AIG, and Traveler’s Insurance Co., had initially requested a 7.7 percent rate increase. Attorney General Martha Coakley called the initial rate increase unjustified and said she was pleased to see them more fairly applied.
“As the Commonwealth continues to address high unemployment, this is not the time to unfairly increase these costs for the private sector, especially for the small business community,” Coakley said in a statement.
The state last raised workers’ compensation rates in 2001 by 1 percent.
Read the original story on the Boston Globe website.
Recent Posts
The U.S. Department of Labor Announces Proposed Rule To Protect Indoor, Outdoor Workers From Extreme Heat
The U.S. Department of Labor has proposed a new rule aimed at protecting workers from extreme heat hazards. This initiative seeks to safeguard approximately 36 [...]
Supreme Court Overturns Chevron Deference: What It Means for Workplace Safety and Regulation
The landscape of federal regulation is set for a seismic shift following a recent Supreme Court decision. On June 28, in Loper Bright Enterprises, et [...]
Navigating the Compliance Maze: How NARFA Simplifies Employee Benefits for Automotive and Trade Industries
In today's complex regulatory environment, businesses in the automotive, roads, fuel, and related industries face unprecedented challenges in managing employee benefits. Recent studies show that [...]