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June 16, 2010
Comp Rates to Save Employers $22.5 Million
Governor Deval Patrick recently announced that the Massachusetts Division of Insurance’s state rating bureau has reached an agreement that will reduce workers’ compensation insurance rates by 2.4 percent, saving the Commonwealth’s businesses an estimated $22.5 million in one year.

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“This rate cut balances the need to help businesses control costs and provide employees with appropriate benefits,” said Governor Patrick. “Lowering the cost of workers’ compensation insurance is very much in keeping with our larger goal of improving the state’s business climate so that we can grow the economy and create jobs.”

The Workers’ Compensation Rating and Inspection Bureau requested a 4.5 percent rate increase, which would have cost businesses about $42 million based on projected premiums of $935 million, Patrick reported. Instead, the Division of Insurance negotiated the tenth reduction in workers’ compensation rates in Massachusetts since 1994.

“The Division of Insurance’s objective is to ensure a fair and equitable rate that protects workers without overly burdening employers,” said Barbara Anthony, undersecretary of the Office of Consumer Affairs and Business Regulation, which includes the Division of Insurance. “The 2010 rate cut offers further proof that reforms have created efficiencies within the system that continue to produce savings for businesses.”

The new rates take effect September 1, 2010.

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