Coakley strikes deal on workers' comp

Massachusetts Attorney General Martha Coakley said today that her office has reached a preliminary agreement that could result in some savings for businesses on their workers' compensation rates.

Coakley said that an agreement was reached between her office and the Workers' Compensation Rating and Inspection Bureau, or WCRIB, and the State Rating Bureau.

The agreement is subject to approval by the state commissioner of insurance, Coakley's office said.

In February, the WCRIB submitted a request to the Division of Insurance seeking a 2.3 percent rate increase for companies purchasing workers' compensation insurance policies, Coakley's office said.

Coakley's office then intervened, and the insurers agreed to settle the matter by reducing rates by 1 percent from current prices; that action could save businesses $30 million compared to rates sought by the WCRIB, according to Coakley's office.
(By Chris Reidy, Globe staff)