Michael Smith 0

NCC Chamber Members Against Worker's Compensation Rate Increase

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Dear Chamber Members and Supporters: The Delaware Compensation Ratings Bureau has proposed to increase worker's compensation rates (paid by Delaware's employers) by an average of 40 percent. This is the second year in a row that the Bureau has recommended an increase of roughly 40 percent – despite the fact that independent actuarial analysis yields conclusions that amount to a recommendation of less than half that amount. This is clearly unacceptable. These proposed increases could not come at a worse time and would be crippling to Delaware businesses. Even an increase of roughly half the Bureau's proposed amount would be unsustainable for many Delaware employers. In light of the medical cost controls implemented under Senate Bill 1, The Workers Compensation Reform Act passed in 2007, House Bill 175, passed in 2013 and the substantial difference between the opinion rendered by an independent actuary versus that of the Bureau, this onerous rate increase cannot be justified. We urge the following of Commissioner Stewart: 1. That the Insurance Commissioner reject the Bureau's proposal and conduct a formal inquiry into the reasons for the substantial variance between their rate filing and the conclusions of independent actuarial analysis. 2. To the greatest extent possible, keep any pending increases to as low a percentage as is possible given the fragile state of our economy; and 3. Lastly, we urge the Commissioner to seek an alternative advisory agency to the Delaware Compensation Rating Bureau. Click below to join the New Castle County Chamber in calling for the rejection of this unjustifiable, onerous and economically damaging rate increase.


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