New Charges Would Take Impact on July 1, 2025
The Massachusetts Division of Insurance coverage (DOI) has introduced a digital listening to for January 14, 2025, to judge the Employees’ Compensation Score and Inspection Bureau of Massachusetts’ (WCRIBMA) newest proposal to lift employees’ compensation insurance coverage charges by a mean of seven.1%. If permitted, the brand new charges would take impact on July 1, 2025. This proposal follows a turbulent 12 months within the employees’ compensation market, marked by a DOI-mandated 14.6% price discount in 2024.
WCRIBMA, which serves as a licensed score group for employees’ compensation insurance coverage within the state, filed its request on November 15, 2024. The submitting cites varied components influencing the proposed improve, together with adjustments in wage ranges, loss traits, and operational bills confronted by insurers. Stakeholders from throughout the trade, together with employers, insurers, and brokers, are anticipated to weigh in throughout the listening to.
Final 12 months, the Massachusetts DOI permitted a sweeping 14.6% discount in employees’ compensation insurance coverage charges. This new improve in charges would basically reduce the earlier discount in half.
Key Particulars of the Listening to
The upcoming listening to will probably be carried out by way of Microsoft Groups, offering a possibility for public remark and testimony. Commissioner Michael T. Caljouw will oversee the proceedings to find out “…whether or not the proposed charges are extreme, insufficient, or unfairly discriminatory.” The Commissioner’s determination will hinge on whether or not WCRIBMA’s proposed charges fall inside what’s deemed an affordable vary for masking office dangers within the state.
events wishing to take part as intervenors or submit oral or written testimony should notify the DOI by 5:00 p.m. on January 8, 2025. Those that intend to reference supporting knowledge throughout the listening to should submit it electronically by January 7, 2025. Directions for accessing the listening to will probably be despatched to registered individuals by January 13, 2025.
The officiation Listening to Discover follows beneath
