North Carolina: Commissioner approves bureau request to lower workers' compensation rates
Insurance Commissioner Jim Long approved a rate filing from the North Carolina Rate Bureau, the organization that represents the state's workers' compensation insurance companies. The filing requested a 4.4 percent decrease in the voluntary market and a 3.8 percent decrease in the assigned risk markets. The average rate for workers' comp in the voluntary market is now estimated to be 2.17 percent of payroll.
Officials said the new rates, which will go into effect on April 1, 2009, will save North Carolina businesses approximately $65.5 million. Under the plan, the following employer classifications would see an average decrease:
-- 3.5 percent decrease.
--Office and clerical
-- 7.8 percent decrease.
-- 4.1 percent decrease.
--Goods and services
-- 3 percent decrease.
-- 0.9 percent decrease.
December 1, 2008
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