Goodwin Orders 9.6 % Cuts in Workers Comp Insurance Rates, Implements Public Comment Period

Insurance Commissioner Wayne Goodwin today announced that he has settled the workers compensation rate filings from the North Carolina Rate Bureau, the organization that represents the state's workers compensation insurance companies. The settlement ordered a 9.6 percent decrease to the voluntary market loss costs and no change (zero percent) to the assigned risk markets. The changes are effective April 1, 2010.

"I'm also proud that we were able to implement a public comment period for this filing, and I look forward to continuing this practice for future rate filings that the Department handles," said Commissioner Goodwin.

According to the Raleigh News & Observer, Insurance Commissioner Wayne Goodwin's order "is expected to generate more than $119 million in annual savings for the state's employers."

The 9.6 percent decrease, which takes effect in April, follows a 4.4 percent decline this year.The full filings and settlements are available for public review on the Department's Web site. Visit by clicking on this link and search for Serff Tracking numbers NCPC-126289369 and NCPC-126289290.

Goodwin's news complements his earlier feat this year of a significant automobile insurance rate cut that involved a rollback of and freezing of the rates - which saved drivers $450 million - and additional refunds of $50 million.

"I am very pleased with the work of my excellent expert staff, who join me in our ongoing efforts to protect consumers - families and small business owners, in particular - during these challenging economic times," said Goodwin.