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November 3, 2009

Workers' comp rates to drop

By The Mainebiz News Staff

Workers' compensation rates will decrease by an average of 7% in 2010, Maine's insurance superintendent said yesterday.

The Maine Bureau of Insurance has approved the National Council on Compensation Insurance's request for a decrease in loss costs, according to MaineToday Media. As approved, the loss costs -- the portion of premiums that covers the cost of benefits -- would reduce premiums in the insured market by about $14.4 million. Superintendent Mila Kofman attributed the requested decrease to business' efforts to promote workplace safety.

Kofman stressed the 7% reduction is an average, and said that while many employers will see a rate reduction, some will see an increase, according to MaineToday.

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