Quoted with the permission of NC Insurance Commissioner Wayne Goodwin.
"Please see today’s news about the rate filing referenced in your post. Go to the link below:
http://www.ncdoi.com/media/news2/year/2009/110209.asp
I came across your blogpost several weeks ago. You indicated that some longshoremen were concerned that they may be getting a fairly large average increase in loss costs (8.8% on average), while all other major categories of workers in North Carolina were receiving decreases on average of (-9.6%). Our staff here at the Department of Insurance looked into the details of the calculations, and persuaded the North Carolina Rate Bureau, which is not a State agency, to lower the average longshoreman increase to +1.6%. In other words, the settlement ordered a 9.6 percent decrease to the voluntary market loss costs and no change (zero percent) to the assigned risk markets. "
Wayne Goodwin, NC Commissioner of Insurance. Nov 2nd 2009
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