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.
Author
NARFA
Recent Posts
White House 2024 Budget Raises OSHA Funding by 17%: What Does This Mean?
Brief: President Joe Biden’s proposed fiscal year 2024 budget would increase funding for OSHA by $106.4 million, or 17%, to $738.7 million. As part of the increase, [...]
National Ladder Safety Month 2023: Three Considerations for Selecting the Correct Ladder
March is National Ladder Safety Month, let’s look at ladder selection. Before you get started on your next project, you have to choose a ladder, [...]
Company Safety Policies Need Management Commitment—6 Tips to a Safer Worksite
Editors Note: Each anecdote has been taken from the archives of NARFA’s Automotive Industries Compensation Corporation (AICC) program and is designed to help inform, [...]