Comp rate increases advised in Mich., N.C.Posted On: Sep. 11, 2006 12:00 AM CST
LIVONIA, Mich.--The Compensation Advisory Organization of Michigan, the state's workers compensation rating bureau, has announced an average 4.7% pure premium rate increase, while the North Carolina Rate Bureau has asked for a 9.8% increase.
The Michigan organization's pure premium increase announcement on Friday, effective Jan. 1, is advisory in nature. Michigan workers comp insurers are free to independently set their own rates.
Meanwhile, the North Carolina Rate Bureau has asked the state's Commissioner of Insurance for the 9.8% rate increase for the workers compensation residual market to be effective April 1, 2007. Generally, however, North Carolina's rating bureau does not get the rate increases it requests, a spokeswoman for the commissioner's office said.
"We look at the rate filings with a healthy skepticism," she said. "That is not to say we don't give them a fair shake."