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CAS Ratemaking Seminar San Antonio, Texas March 27, 2003

CAS Ratemaking Seminar San Antonio, Texas March 27, 2003. Presented by: Don Bashline Workers’ Compensation Rating and Inspection Bureau of Massachusetts. Workers’ Compensation Issues Briefing- Massachusetts. Massachusetts WC Issues Briefing. Pending Filing Terrorism Load Market Climate.

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CAS Ratemaking Seminar San Antonio, Texas March 27, 2003

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  1. CAS Ratemaking SeminarSan Antonio, TexasMarch 27, 2003 Presented by: Don Bashline Workers’ Compensation Rating and Inspection Bureau of Massachusetts Workers’ Compensation Issues Briefing- Massachusetts

  2. Massachusetts WC Issues Briefing • Pending Filing • Terrorism Load • Market Climate

  3. Filing Highlights • Requesting 10.8% effective 9/1 • Switch to IRR model from Myers-Cohn model for profit • Switch from loss ratio regression to regression on economic data for trend

  4. Rules of the Game • Rates subject to prior approval after hearing • Insurers may file downward deviations or credit-only schedule rating plans • Approved rates must remain in effect at least one year • Bureau must file at least every 2 years - carriers may file own rates

  5. Terrorism Load • .03 per $100 of payroll • effective 2/20/03 • tracks NCCI filing Item B-1383

  6. Current Market Climate - Legacy of Reform • Rates are less than half of 1993 level • Residual market share cut from 65% to 18% • Stably competitive market

  7. Thanks for your attention

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