Department Announces 2016 Workers’ Compensation Rates
Dover, Del. – Insurance Commissioner Karen Weldin Stewart approved the Delaware Compensation Rating Bureau (DCRB)’s workers’ compensation amended rate filing, resulting in an overall average increase of 7.09% in residual market rates and 7.20% in voluntary market loss costs.
The DCRB originally proposed overall increases of 14.92% for the residual market plan and 15.03% for the voluntary market loss costs. The commissioner’s independent actuaries and the state’s ratepayer advocate each examined DCRB’s filing and recommended increases lower than the ones requested by DCRB.
Following extensive discussions, the three parties proposed the amended rates which the Commissioner approved Tuesday.
The DCRB’s amended filing No. 1502 may be found here