Delaware Insurance Commissioner Karen Weldin Stewart announced that workers comp insurance rates will not change in 2017.
Stewart said she approved the filing from the Delaware Compensation Rating Bureau that called for no rate increase.
“I hope this is the beginning of a period of rate stabilization in the worker’s compensation market,” said Commissioner Stewart. “I want to thank my staff, the Ratepayer Advocate and the DCRB for their hard work to keep the rates at their current overall level. I also want to recognize the General Assembly and my fellow members of the Governor’s Workers Compensation Oversight Panel and the Workers’ Compensation Task Force, whose efforts over the past few years are now bearing fruit.”
The General Assembly approved changes to the insurance system for injured workers as rates soared and some businesses threatened to move elsewhere
Delaware has been down this road before when previous legislative changes to the system resulted in stable rates.
However, rates later soared, leading to further legislative changes.
The DCRB’s amended filing No. 1603 may be found at http://www.delawareinsurance.gov/departments/safety/dcrb.shtml.
