Massachusetts businesses to see 3.5% comp rate slice after settlement
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Massachusetts businesses will save approximately $80 million under a settlement Attorney General Maura Healey reached with the State Rating Bureau and the Workers’ Compensation Rating and Inspection Bureau, Ms. Healey’s office said Monday.
The settlement, which follows an intervention by the attorney general’s office in an administrative rate hearing at the Division of Insurance, will result in an average rollback of about 3.5% on workers compensation insurance rates set to go into effect July 1.
In December 2021, the industry ratings agencies sought an overall statewide average rate increase of 2.7%. The attorney general intervened in the proceeding, seeking a rate rollback for Massachusetts ratepayers, which led to the settlement.
