Sunday, September 6, 2009

NC Longshore Rate Rise?

North Carolina Insurance Commissioner Wayne Goodwin has received industry rate filings for workers compensation requesting a 9.6% decrease.  If approved, the loss cost rate adjustments would go into effect on April 1, 2010.

What is hidden in the filings however is a proposed increase in the Federal Longshore and Harbor workers' rates up 8.8% but a massive 22% if you are in the assigned risk plan!

There is a public hearing scheduled for Sept 15th, so NC Longshore employers speak up now!

As you dry colleagues are looking at significant decreases, they are unlikely to create too much of a fuss (other than perhaps looking for a bigger decrease), but the spread of 18.4% of between your rise and the dry reduction, seems tough to swallow in today’s economy.

Ian Greenway