North Carolina Approves Workers’ Comp Rate Reduction Request

North Carolina Insurance Commissioner Jim Long approved a workers’ compensation rate filing from the North Carolina Rate Bureau, the organization that represents the state’s workers’ compensation insurance companies.

The filing requested a 4.4 percent decrease in the voluntary market and a 3.8 percent decrease in assigned risk markets. The rate decreases will go into effect on April 1, 2009.

The decreases will save businesses approximately $65.5 million. The average rate for workers’ comp in the voluntary market is now estimated to be 2.17 percent of payroll.

Source: North Carolina Department of Insurance