The North Carolina Rate Bureau, the organization that represents the state's insurance companies, has filed with the state Department of Insurance for a 9.6 percent decrease in the premium that rate most North Carolina companies pay for workers' compensation coverage.
The Department of Insurance either will approve the suggested rate or propose a different rate after holding a public comment session on Sept. 15.
The deadline for submitting written comments is Sept. 30.
If the current rate proposal is approved, the decrease would take effect April 1 and would save businesses more than $119 million, according to the Department of Insurance.