Effective 4/1/14, the Commissioner of Insurance has approved the general revision of worker's compensation rates. Despite no overall rate increase, it is important to note that actual rate increases or decreases will change to reflect industry group differentials and new class relatives. This means that rates can vary widely by classification.
Additionally, for eligible employers and for those employers already participating in the MA Construction Class Credit Premium Adjustment Program, the average hourly wage to qualify for a credit has increased from $18/hour to $30/hour. This change may prevent eligible employers from qualifying for a credit and for existing eligible employers can significantly reduce and/or eliminate a credit.
Included in the new Stipulation for the general revision of workers' compensation rates, effective 4/1/14, applicable to all new and renewal policies are revisions to the following:
- State Classes Rates
- MA Construction Class Credit Adjustment Program
- Experience Rating Plan
- Retrospective Rate Plan
- F-Classes Overall Rate Level
- US Longshore and Harbor Workers' Compensation Act
- Small Deductible Credits
Regarding Experience modification & ARAP rating factors previously issued as preliminary status will be removed and re-issued using new Expected loss rates and D-Ratios.
To view new 2014 rates by classification and circular letters outling complete details
of this approval and resulting changes please visit the WCRIB of MA website http://www.wcribma.org/mass or please contact your account manager if you want to know the impact of these changes on your program.