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Massachusetts' insurance commissioner has rejected a request to increase workers compensation rates by 18.8%.
Commissioner Joseph G. Murphy on Thursday rejected the proposal by the Workers' Compensation Rating and Inspection Bureau following a five-month hearing process. That means workers comp rates will remain unchanged in Massachusetts.
“After analyzing the wealth of data and information presented during the case, we found insufficient support for such a significant increase,” the commissioner said in a statement. “No matter which of the products we regulate, the Division of Insurance expects insurers to make a compelling case to justify their proposed rates.”
He said the staff's examination of the rejected proposal “carefully balances industry solvency with fairness to consumers.”