Insurance Division Sets Hearing on Proposed Rate Hike

The Massachusetts Insurance Division has scheduled a hearing for Jan. 29 to consider a proposed 6.4% average increase in workers' compensation rates, which would take effect July 1. The Workers' Compensation Rating and Inspection Bureau recommended the rate hike in December. As an administrative pricing state, insurers in Massachusetts must adopt the rates approved by the Insurance Division. The Rating Bureau typically does not get as large of a rate increase as it proposes. In 2014, for example, the Insurance Division rejected a proposed 7.7% increase and in 2013 turned down a propo...