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The North Carolina Rate Bureau said Friday that it has proposed an 11.3% decrease in loss costs.
The filed decrease is due to insurers having had fewer workers compensation claims and paying less for these claims, the bureau said in a letter to member companies.
This filing will affect policies that are effective on and after April 1, 2018, and are applicable to new and renewal policies, the bureau said.
The filing proposes an average decrease of 7.5% in the advisory loss costs for exposures that are under the U.S. Longshore and Harbor Workers Compensation Act, the bureau said.
The bureau also included a proposed decrease to the terrorism loss cost provision to $0.005 from $0.01.
North Carolina's workers compensation system could benefit greatly from adopting a closed drug formulary if physicians in the state mimic the prescribing patterns of those in Texas, according to a new study by the Workers Compensation Research Institute.