Printer Friendly

LONG QUESTIONS 58.4 PERCENT WORKERS' COMPENSATION INCREASE; SAYS PROFIT LEVELS MAY BE EXCESSIVE

 LONG QUESTIONS 58.4 PERCENT WORKERS' COMPENSATION INCREASE;
 SAYS PROFIT LEVELS MAY BE EXCESSIVE
 RALEIGH, N.C., Oct. 5 /PRNewswire/ -- Insurance Commissioner Jim Long today called a hearing on a requested 58.4 percent rate increase for workers' compensation insurance. The hearing notice said that the filing "appears not to be an accurate representation of actual workers' compensation experience in North Carolina" and would produce rates that "appear to be excessive overall."
 Said Senior Deputy Commissioner Roger Langley: "A review of the filing indicates that profits -- such as interest income -- may be understated, and future claims overstated. Further, raising the assigned risk surcharge from 8 to 20 percent, as this filing proposes, would be excessive and unfairly burdensome to many businesses."
 If approved as written, the filing would raise rates paid by the state's businesses for workers' compensation insurance by approximately $360 million dollars.
 "We are concerned," said Langley, "about the effect the rates proposed in this filing would have on businesses, especially those already struggling to
maintain jobs. While rates must be adequate to maintain insurer solvency and return a reasonable profit to the industry, employers should not pay more than is absolutely necessary to maintain the workers' compensation system."
 The hearing is scheduled for Thursday, Nov. 12, at 10:00 a.m. in the third-floor hearing room of the Dobbs Building, 430 North Salisbury Street, downtown Raleigh. Organizations or individuals wishing to be heard should call the department's Public Information Office at (919)733-5238 to schedule a time.
 -0- 10/5/92
 /CONTACT: Paul Mahoney, State of North Carolina Department of Insurance, 919-733-5238/ CO: State of North Carolina Department of Insurance ST: North Carolina IN: INS SU:


CM -- CH007 -- 6782 10/05/92 17:07 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 5, 1992
Words:288
Previous Article:SUN-TIMES COMPANY NAMES THOMAS J. NERI EXECUTIVE VICE PRESIDENT OF PLANNING & DEVELOPMENT
Next Article:CHICAGO SUN-TIMES PROMOTES CHARLES F. CHAMPION TO SENIOR VICE PRESIDENT OF ADVERTISING SALES & MARKETING


Related Articles
LIBERTY MUTUAL ANNOUNCES 1991 FINANCIAL RESULTS
DELAWARE DEPARTMENT OF INSURANCE ANNOUNCES RATE ROLLBACK ORDERED ON WORKERS' COMPENSATION RATES
LONG, INSURERS REACH SETTLEMENT ON WORKERS' COMPENSATION INSURANCE; RATES TO RISE AN AVERAGE OF 3.6 PERCENT
Merging managed care and workers' compensation.
Florida's Insurance Commissioner Nelson Slashes Rates Employers Must Pay For Insurance To Cover On-The-Job Injuries
REHABILITATE WORKERS' COMP SYSTEM NOW.
2 of 3 top consumer lenders see falling 1st-half profits.
Workers' compensation today--new rates, new reckoning.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters