AUGUSTA (AP) – Maine businesses may see their workers compensation rates go down next year, the Baldacci administration said Wednesday.
A national rate-setting organization has filed documents showing fewer claims for on-the-job injuries in Maine and less-costly claims overall.
The “loss-cost reduction” of 3.3 percent requested by National Council Compensation Insurance is a major factor used by carriers in setting their rates, and it could translate into lower rates for 2004, state Insurance Superintendent Alessandro Iuppa said.
The Insurance Bureau will review NCCI’s loss-cost filing before the carriers set rates.
About 100 carriers are licensed to write workers compensation policies in Maine, and Maine Employers Mutual Insurance Co. has well over half of the state’s market, Iuppa said.
Of the 20 states reviewed by the NCCI for the 2003-’04 filing cycle, 13 have proposed workers’ comp increases, two will not have filings, and five, including Maine, have proposed rate decreases, Iuppa said.
Maine workers comp rates ranked 23rd lowest in 2002 among the 51 states and the District of Columbia, according to a study by the Oregon Department of Consumer and Business Services.
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