Decrease in Workers Compensation

Ponca City Now - September 6, 2013 8:34 am

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.

 

Latest Stories

Oklahoma COVID-19 Update for 12 April 2021

As of this advisory, there are 443,773 (204 new today) cases of COVID-19 in Oklahoma. Kay...

Senate Review by Senator Roland Pederson

We met our final committee deadline last week to advance House Bills approved in their chamber...

Former lawmaker named Oklahoma GOP chairman

OKLAHOMA CITY (AP) — A former state representative with a reputation for anti-Islamic rhetoric has been...