Workers compensation rate increase proposal rejected in Massachusetts

Joseph Murphy, the Massachusetts Insurance Commissioner on workers compensation plan

State Division of Insurance turns down the requested changes. The Massachusetts Division of Insurance has revealed that they have rejected the proposal that was made to increase the rates for workers compensation by 18.8 percent. The outcome of this will bring about no changes to the rates. The decision was made after having undergone a hearing process that lasted five months. The result is that there will not be any change to the current workers compensation rate. According to a statement from the Division of Insurance, this is expected to…

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Workers’ compensation rates unchanged in Massachusetts

workers compensation insurance rejection

Division of Insurance rejects proposals to make workers’ compensation insurance more expensive The Massachusetts Division of Insurance has announced that it has rejected proposals to increase the rates of the state’s workers’ compensation insurance program by 18.8%. The decision comes at the end of a five-month long review process which examined the necessity of the proposed rate increase. The rate increase proposals came from the Massachusetts Workers’ Compensation Rating and Inspection Bureau. Regulators have determined that the rate increase proposal is not necessary and that workers’ compensation insurance prices will…

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Massachusetts health insurer posts earnings, shows marked increase in profits and narrowing of losses

Despite a tumultuous year, Blue Cross Blue Shield of Massachusetts is reporting high earnings in the second quarter. Thus far, 2011 has proven to be relentless in the number of natural disasters occurring throughout the U.S. While speculations regarding the losses faced by insurance companies have been somewhat grave, the fact of the matter is that many insurers are earning more than they did before the disasters. There can be no doubt that these insurers, most of whom operate in the property market, have, indeed, suffered losses, but their ability…

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