Maine insurance bureau: workers comp change will save $9M
The Maine Bureau of Insurance says a decrease in workers’ compensation loss costs will result in more than $9 million in savings for businesses in the state.
Insurance superintendent Eric Cioppa says the bureau has approved the National Council on Compensation Insurance’s 2017 loss cost for Maine. The council proposed a premium decrease of 4.3 percent.
The state says the new rates went into effect for new and reviewing policies on April 1.
The National Council on Compensation Insurance is an advisory rating organization for insurance companies that offer workers’ comp coverage in the state of Maine.