Key Component of Workers' Comp Rates to Drop
OKLAHOMA CITY (AP) — State insurance officials say a key component used to determine rates for workers' compensation insurance is showing a decrease of nearly 15 percent in part because of the Legislature's passage earlier this year of changes to the workers' compensation system.
Oklahoma Insurance Commissioner John Doak announced Thursday that the overall loss cost component will decrease by 14.6 percent effective Jan. 1.
Doak says the National Council on Compensation Insurance credits most of the decrease to the passage last session of a bill that converts the workers' compensation court system to an administrative one and changes how benefits are calculated.
Republican legislative leaders and The State Chamber, which represents Oklahoma businesses and industries, praised the decline and says it will make the state more attractive to businesses looking to relocate.