Risk & Business

Image via Wikipedia In case you were't aware, the Delaware Compensation Rating Bureau (DCRB) recently filed to stop the further pending rate decreases to workers compensation mandated by the Delaware Insurance Commissioner 's office. The DCRB had disputed the cost savings that were to be realized by the medical savings containment measures in Sentate Bill 1 of the 144th Delaware General Assembly . Ruling against the DCRB on July 24th, the Delaware Chancery Court and the Supreme Court upheld the pending rate decreases as previously set forth by the commissioner 's office. Hopefully the cost containment measures put into place by Senate Bill 1 will realize the savings projected in the bill. If not, the prior and pending rate decreases may be for naught, since the obvious fix may be the reversal of these rate decreases, putting us in the same place as before.

Image via Wikipedia Matt Denn , the outgoing Delaware Insurance Commissioner , soon to be Lieutenant Governor , has ordered up additional cuts to the Delaware workers compensation rating structure. According to the insurance department's website, "The latest order by Commissioner Denn requires that the state’s workers’ compensation insurance companies discount average premiums by 6 percent each year in 2008, 2009, and 2010, and by 5 percent in 2011." Based upon their information, with these rate cuts and previous cuts already put into place since November of 2007, the total decrease in rates will add up to 45%. This is certainly good news for the Delaware business owner , especially in these lean economic times.