The public hearing on the proposed 40 percent workers compensation rate increase scheduled for November 20, has been re-scheduled to December 20. The Delaware Department of Insurance stated that it needed the opportunity to perform a complete target examination before the public hearing.
The Markell administration and businesses have pressed for a delay, citing the impact of a large rate hike on the state’s economy. The Insurance Department had expressed concern that the delay would cause high retroactive premiums that would also hit businesses harder.
Premiums on insurance for injured workers have been on the rise the past year or so and companies claim the yearly hikes could continued for years. Representatives of construction, restaurant and other industries have warmed the rate increases could trigger layoffs and companies moving out of state.
The hearing will be held on at 10 a.m. at the Carvel State Office Building, 820 North French Street, 2nd Floor Auditorium, Wilmington.
The Delaware Department of Insurance is obligated to reach its decision based on the evidence received.
Comments are being solicited from any person. Comments may be in writing or may be presented orally at the Hearing. Written comments must be received no later than Thursday, December 13, 2012 by 4:30 p.m., and should be addressed to the attention of Rhonda West, Regulatory Specialist, Delaware Department of Insurance, 841 Silver Lake Boulevard, Dover, DE 19904. Also, those intending to provide oral comments at the hearing must notify Rhonda West at 302.674.7379 orRhonda.West@state.de.us, no later than 4:30 p.m., Thursday, December 13, 2012.
