Residual Market Rate Decrease of 12.5% Approved

The North Carolina Rate Bureau’s filing for revised workers’ compensation insurance residual market rates, rating values and miscellaneous values has been approved, the bureau announced on Monday. The filing proposed an average rate level decrease of 12.5% from rates effective April 1, 2017, and was approved as filed to become effective April 1, 2018. For federal classifications, the approved overall rate level decrease is 8.8% relative to the current overall rate level. Within each industry group, the change will vary from the average by classification depending on the volume an...