Insurance: WCRIBMA Requests A 4% Decrease in Workers’ Comp. Rates

Insurance: WCRIBMA Requests A 4% Decrease in Workers’ Comp. Rates

MA Division of Insurance has issued a Notice of Hearing on the Request

The Workers’ Compensation Rating and Inspection Bureau of Massachusetts (“WCRIB”) has submitted a new rate filing for 2023 requesting a statewide average rate decrease of workers’ compensation rates. The filing, submitted on December 23, 2023, seeks both a 4.0% decrease in average rates for industrial classes and a 9.8% decrease for F-classes effective July 1, 2023.

In response to the request and in accordance with Massachusetts General Law c. 152, §53A, the Division of Insurance has issued a Notice announcing a public hearing on the rate request at 11:30 a.m. on February 3, 2023. As has been done for the past couple of years, the DOI will hold the meeting virtually via Microsoft’s digital meeting program, TEAMS. The meeting will offer the opportunity for all interested persons to provide either evidence or testimony related to the proposed workers’ compensation classifications, risks and rates so that ultimately, “the Commissioner can determine whether the proposed classifications and
rates are excessive, inadequate, or unfairly discriminatory for the risks to which they apply and whether they fall within a range of reasonableness.”

For those interested in reviewing the rate filing, a copy can be accessed at the end of this article.

When was the last time the WCRIBMA filed a rate request?

It has been three years since the WCRIBMA last filed a rate request in January 2020. At that time, the WCRIBMA was seeking a 3.8% decrease. Prior to that, the WCRIBMA had not made a rate request since the end of 2017, when it asked for an average statewide rate decrease of 11.1%. .

After that, one would have to go back to 2016, as the last time the WCRIBMA submitted a Rate Filing requesting an increase in workers compensation rates.

For those interested in learning more about the current makeup of the Worker’s Compensation Insurance Marketplace in Massachusetts, please refer to our most recent market share reports listing the top insurers in this line of insurance both across the U.S. and in the Commonwealth:

For those who would like to participate in the WCRIB Rate Hearing

For those insurance professionals interested in participating in the virtual hearing or to send in evidence, all petitions and submissions must fulfill the following requirements:

“Any person who wishes to participate as an Interested Party in this virtual hearing must submit electronically to [email protected] a timely petition that complies with the requirements for participation set forth in 211 CMR 110.05 (3). Any person requesting to comment orally or submit written statements at the virtual hearing must submit a Notice of Intent to Comment to [email protected] no later than 5:00 p.m. on February 1, 2023. Any person who intends to reference written data at the hearing must submit such data electronically through [email protected] no later than January 30, 2023. Any person requesting solely to attend the February 3 hearing must submit a request to [email protected] no later than 12:00 p.m. on February 2, 2023.

All notices or requests must include the person’s name, telephone number and email address. An email with instructions for joining the hearing will be sent on the afternoon of February 2, 2023. Any person who wishes to comment in writing but not to attend the hearing may send a statement by electronic mail to [email protected] All notices and written statements must refer to DOI Docket No. R2022-02. A prehearing conference to address scheduling and other matters will take place on February 3, 2023 immediately following the public comment hearing. All intervenors must attend.”

Hearing Notice & Link to the Official Filing

The WCRIBMA filing is 770 pages. The official copy on the WCRIBMA website can be accessed here: Filing_2023 (wcribma.org)

Below is the official copy of the DOI’s Notice of Hearing:

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