Chancery Court Upholds Commissioner's Decision to Slash Rates

Former Insurance Commissioner Matt Denn acted correctly by ordering the Delaware Compensation Rating Bureau to reduce its rate filings, according to a recent court decision.The Court of Chancery of the State of Delaware upheld Denn's orders on Friday, which were to impose a further reduction in workers' compensation rates after determining that the rating bureau's 2008 rate reductions were inadequate.In its 2008 filing, the rating bureau had originally filed for a reduction of residual market rates of 8.64%, and voluntary loss costs of 10.03%, for an overall rate reduction of 11.57...