State OKs workers' comp reduction proposal
The state's Bureau of Insurance has approved a recommendation that calls for a 1.8% decrease in workers' compensation insurance premiums.
The proposed premium decrease is based on a 2013 loss cost filing from the National Council on Compensation Insurance, which the state uses as its advisory rating organization for insurance companies offering workers' compensation coverage in the state.
The state's insurance superintendent, Eric Cioppa, announced the approval in a press release saying the move is estimated to save $3.5 million overall. That decrease, however, is an average savings for new and renewing policies as of Jan. 1, 2013.
Some employers may still see an increase in premiums depending on various factors insurers use in setting their own rates. Maine has a competitive market for workers' compensation insurance.
For 2012, the NCCI's loss cost filing proposed a premium decrease that would amount to $6.5 million in savings on premiums.
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