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Augusta, Maine -

The Bureau of Insurance announced that a recent study of worker compensation costs shows improvement in Maine’s national ranking. A recent report covering 2006, issued by Actuarial and Technical Solutions (an actuarial consulting firm in New York with expertise in workers compensation), shows that Maine ranks 27th in both workers compensation costs and statutory wage replacement benefits (the amount of payment that is required by a particular state’s law) for manufacturing jobs.

“This is good news for Maine’s employers,” stated Acting Superintendent of Insurance Eric Cioppa. “Prior reports by this consulting firm have shown that Maine’s cost ranking in comparison to other states has continued to improve since 2002.” Reports for the years 2002, 2003, 2004 and 2005 show Maine ranking 35th, 32nd and 28th respectively (ranking for 2005 is unchanged from 2004). Maine’s ranking shows that the state is working to balance its workers compensation system between the needs of injured workers and the cost to employers.

Actuarial and Technical Solutions conducts these studies to compare costs of obtaining workers compensation among the states. Rankings are emphasized rather than actual costs to provide a standardized comparison of costs and benefits nationwide.

The Bureau of Insurance is part of the Department of Professional and Financial Regulation which encourages sound ethical business practices through high quality, impartial and efficient regulation of insurers, financial institutions, creditors, investment providers, and numerous professions and occupations for the purpose of protecting the citizens of Maine. Consumers can reach the Bureau through its web site at www.maine.gov/insurance; by calling 800-300-5000 in state; or by writing to Bureau of Insurance, 34 State House Station, Augusta ME 04333.

The Bureau of Insurance is part of the Department of Professional and Financial Regulation which encourages sound ethical business practices through high quality, impartial and efficient regulation of insurers, financial institutions, creditors, investment providers, and numerous professions and occupations for the purpose of protecting the citizens of Maine. Consumers can reach the Bureau through its web site at www.maine.gov/insurance; by calling 800-300-5000 in state; or by writing to Bureau of Insurance, 34 State House Station, Augusta ME 04333.

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Last Updated: April 7, 2009 2:37 PM