North Carolina: WC rate filing calls for nearly 10 percent reduction

Workers' compensation rates in North Carolina may drop by an average of nearly 10 percent if the plan is approved by state officials.

Insurance Commissioner Wayne Goodwin has called for a public forum to discuss the North Carolina Rate Bureau's filing, which requested an average 9.6 percent rate decrease for the voluntary market. In addition, the bureau called for an average 1.3 percent increase in the assigned risk markets. If approved, the rate adjustments would go into effect April 1, 2010. Goodwin said employers in the state may save an estimated $119 million overall.

The voluntary market includes changes to the following employer classifications:

Manufacturing -- 12 percent average rate reduction
Contracting -- 9.5 percent average rate reduction.
Office and clerical -- 18.4 percent average rate reduction.
Goods and services -- 7.2 percent average rate reduction.
Federal longshore and harbor -- 8.8 percent average rate increase.
Miscellaneous -- 2.7 percent average rate reduction.

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For the assigned risk market, the filing called for changes to the following employer classifications:

Manufacturing -- 1.3 percent average rate increase.
Contracting -- 1.4 percent average rate increase.
Office and clerical -- 8.5 percent average rate reduction.
Goods and services -- 4 percent average rate increase.
Federal longshore and harbor -- 22 percent average rate increase.
Miscellaneous -- 9 percent average rate increase.

The forum to discuss the filings is scheduled for mid-September.

Read more at the WORKERSCOMP Forum^TM homepage.

October 1, 2009

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