Workers' Compensation Insurance Premium Rate Set To Decrease | Eastern NC Now

Governor Pat McCrory announced today that an average decrease in workers' compensation insurance premium rates paid by North Carolina businesses will take effect in April 2015. The North Carolina Rate Bureau's request for a rate reduction was approved in late November 2014.

ENCNow
Press Release:

    Raleigh, N.C. — Governor Pat McCrory announced today that an average decrease in workers' compensation insurance premium rates paid by North Carolina businesses will take effect in April 2015. The North Carolina Rate Bureau's request for a rate reduction was approved in late November 2014.

    "This is great news for North Carolina businesses across the state," said Governor McCrory. "Our reforms are having a positive impact on businesses and helping them decrease their operating costs — which in turn could lead to more money to hire new workers."

    The North Carolina Department of Insurance estimates that 95 percent of the state's employers will see an average decrease of 3.4 percent in their 2015 premium rate. The remaining 5 percent, which constitutes businesses that purchase coverage through an "assigned risk pool," will see an average decrease of 4.5 percent. These significant decreases are a welcome change from 2014 premium rates which were 4.2 percent higher than what most employers paid in 2013.

    These reductions are due in part to several workers' compensation reforms supported by Governor McCrory and the Industrial Commission, including legislation passed in 2014 that reduces the costs associated with the practice of physicians dispensing prescription drugs. Recent revisions to the Industrial Commission's medical fee schedule rules will also take effect in April 2015 and are estimated to provide the state's workers' compensation system with $27 million in annual savings.

    "Lower workers' compensation insurance premium rates are one of the many benefits of a healthy and efficient state workers' compensation system," said Chairman Heath. "I am pleased to see reforms like those included in Session Law 2014-100 begin to have a positive impact on the North Carolina's workers' compensation system."

    The complete N.C. Rate Bureau rate filings can be accessed here.

  • Contact: Crystal Feldman
  •     govpress@nc.gov

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