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Maine Employers' Mutual Insurance Co., Maine's largest workers compensation insurer, said that it will not raise rates as suggested by the Maine Bureau of Insurance.
The Bureau on Monday approved a 3.9% rate increase beginning April 1 due to rising medical costs and an update to the state's workers comp medical fee schedule.
But workers comp insurers in Maine are not required to adopt rate changes suggested by the Bureau of Insurance, and Portland-based MEMIC said Thursday in a statement that the time is not right for a rate increase.
“While we clearly understand that there is justification to raise rates, based upon increasing medical costs, MEMIC will hold the line on this increase at this time,” John T. Leonard, the insurer's president and CEO, said in the statement. “We know that many Maine businesses are continuing to struggle in this economy, and we don't want workers compensation costs to impede economic growth here in Maine.”