R.I. to Hear 28% Beacon Mutual Rate Cut at May 11 Hearing

March 21, 2006

The Rhode Island Department of Business Regulation will hold a public hearing on May 11, 2006 at 10:00 a.m. at the DBR regarding the proposed loss costs rate filing of Beacon Mutual Insurance Company, the state’s biggest workers compensation writer.

Beacon is proposing to reduce the overall loss costs used in its rates by 27.7 percent from the currently approved level, which was approved and effective March 4, 1999. Beacon has asked that the revised loss costs be effective June 1, 2006.

DBR and Beacon Mutual have been at odds over an ongoing audit of the insurer by the state. Beacon executives and Gov. Donald Carcieri have also been battling over legislation sought by Beacon that would reduce the governor’s control over the non-profit insurer’s board of directors.

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