Workers’ comp filing suggests rate decline
The Delaware Compensation Rating Bureau (DCRB) this week proposed a downtick in workers’ comp rates beginning on Dec. 1, 2017. Filing No. 1701 calls for an overall decrease of 4.91 percent for residual market rates and an overall decrease of 2.15 percent in voluntary market loss costs.
The filing now heads to the Delaware Department of Insurance for review. In the meantime, the DCRB “strongly” recommends:
All policies issued with effective dates on and after Dec. 1, 2017 be qualified as carrying tentative rates, using the Pending Rate Change Endorsement, WC 00 04 04.
In Circular No. 935, the DCRB pinpoints a key driver in proposed rate changes as legislation, specifically the fee schedule mandated by House Bill 373. As in previous filings, the DCRB elected to recognize the full extent of savings.
Watch Agent Headlines for updates on the filing.