Attorney General Tom Reilly recently announced a settlement in the workers’ compensation rate setting proceeding that will result in a three percent reduction in workers’ compensation rates in Massachusetts. The industry had initially requested a one percent increase.
It is the second time that Reilly has secured a decrease in workers’ comp insurance. In 2003, the last time workers’ comp rates were set by the state, Reilly opposed the industry’s proposed 10.8 percent increase, becoming the first Massachusetts Attorney General to intervene in the rate-setting proceedings in 20 years. In the end, he secured a four percent reduction in 2003 rates.
A recent study by Economy.com rated Massachusetts as having the highest business costs in the nation in both 2002 and 2003.
“We are pleased to reach an agreement that will lower the cost of workers’ compensation insurance and lessen the burden placed on Massachusetts businesses,” Reilly remarked. “The three percent rate reduction filed today will save Massachusetts businesses an estimated $30 million. Massachusetts is already an expensive place to do business – we must do all we can to help lower these costs to help our companies grow and create jobs.”
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