Business Briefs

State worker's comp rates cut

Posted October 28, 2008 3:46 p.m. EDT

— Insurance Commissioner Jim Long on Tuesday approved the workers compensation rate filing from the North Carolina Rate Bureau, the organization that represents the state’s workers compensation insurance companies.

The filing requested a 4.4 percent decrease in the voluntary market and a 3.8 percent decrease in the assigned-risk markets. The rate decreases will go into effect on April 1.

The decreases will save businesses approximately $65.5 million, officials said. The average rate for workers comp in the voluntary market is about 2.17 percent of payroll, they said.