The North Carolina Rate Bureau has proposed an 11.3% decrease in overall loss costs and a 12.5% decrease in the overall premium level of the workers' compensation insurance residual market.
Both changes would go into effect April 1.
The decrease in the premium level of the workers' compensation residual market would spread out over various industries as follows:
Manufacturing: -12.5%.
Contracting: -11.4%.
Office & Clerical: -12.8%.
Goods & Services: -12.6%.
Miscellaneous: -13.2%.
The decrease in loss costs would look like this:
Manufacturing: -11.3%.
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