R.I.’s Beacon Mutual Seeks to Withdraw 27.7% Workers’ Comp Rate Cut Bid

Policyholders of Beacon Mutual Insurance Co. hoping for quick approval of a proposed 27.7 percent rate cut will have to wait.

The insurer has moved to withdraw its loss cost filing that seeks for a 27.7 percent decrease from current levels. The proposal has been awaiting state approval since January. A hearing on the proposal was slated for May 11.

Department of Business Regulation will decide this week whether to accept the withdrawal, according to an official.

Beacon indicated it would refile at a future date.