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7.2% workers comp rate hike OK'd in Delaware

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The Delaware Compensation Rating Bureau’s proposed 7.2% increase in voluntary workers compensation rates has been approved by the insurance commissioner.

Commissioner Karen Weldin Stewart on Tuesday approved the bureau’s amended rate filing, which will result in a 7.20% increase in voluntary market loss costs and a 7.09% increase in residual market rates beginning Dec. 1, according to a statement by the Delaware Department of Insurance.

The Delaware Compensation Rating Bureau originally recommended a 15.03% increase in voluntary rates and a 14.92% increase for the residual market plan.

Commissioner Weldin Stewart’s independent actuaries and the state’s ratepayer advocate examined the filing and decided on smaller increases than those initially proposed by the bureau, according to the statement.