Insurance Division Approves 6.8% Rate Cut

The Massachusetts Division of Insurance approved an average 6.8% rate cut for policies incepting on or after July 1. The Workers’ Compensation Rating and Inspection Bureau of Massachusetts originally requested a 3.8% reduction in December. However, the Insurance Division’s State Rating Bureau, the attorney general and the WCRIB filed a joint stipulation March 13 agreeing to a 6.8% reduction. “I find that the stipulation submitted by the parties will provide for classifications or rates that are ‘not excessive, inadequate or unfairly discriminatory for the risks to whi...