State Approves 3.7% Cut in Voluntary Market Rates

Workers' compensation rates in Vermont are set to drop for the second straight year, thanks in part to fewer injuries, improved workplace safety and a deep review of rates in the state, officials announced. The Department of Financial Regulations and an actuarial firm, after examining proposed rates filed by the National Council on Compensation Insurance, recommended a 3.7% reduction in voluntary loss costs, a 7.6% reduction in assigned risk rates and elimination of a surcharge for the assigned risk market, Gov. Phil Scott's office said in a news...