Department Expects to Approve Double-Digit Rate Cuts

The Delaware Insurance Department on Monday said it expects to approve double-digit rate cuts for both the voluntary market and residual market and would take effect Dec. 1. The department said it expects to announce final rates in early November following a review of the filing from the Delaware Compensation Rating Bureau and a public hearing. DCRB on Aug. 12 announced it submitted its filing proposing a 10.96% reduction to voluntary market loss costs and a 16.14% reduction for residual market rates. The residual market provides last-resort coverage for businesses that can’t obt...