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Raleigh, N.C. — The North Carolina Rate Bureau, the organization that represents insurers in the state, on Wednesday asked state regulators for the ability to lower workers compensation insurance rates.
The Rate Bureau requested a 9.6 percent decrease in the voluntary market and a 1.3 percent increase in the assigned risk markets.
The Department of Insurance has scheduled a Sept. 15 public hearing on the rate request.
If approved, the rate adjustments would go into effect on April 1, and officials said businesses would save more than $119 million.
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