loftis and wetzel logo

coworkers meetingOklahoma businesses will see a 7.8% cut in workers compensation loss cost rates in 2015, the Oklahoma Insurance Department said Tuesday.

Workers comp rates are decreasing for the second straight year after the Boca Raton, Florida-based National Council on Compensation Insurance Inc. recently filed for a rate reduction in Oklahoma, the department said in a statement.

The passage of workers comp reforms last year, which permit qualified employers to opt out of the state's workers comp system and either self-insure or buy private workers comp insurance, prompted a 14.6% decrease in workers comp rates last year, according to the statement.

“This is great news for Oklahoma's economy,” John D. Doak, Oklahoma Insurance Commissioner, said in the statement. “When employers pay less for workers compensation insurance, they can more easily grow their business, hire additional workers and expand local economies.”

The rate cut will take effect Jan. 1, the insurance department said in the statement.

Looking to make sure your employees feel protected? Call Loftis & Wetzel Corporation at (580) 363-3434 for more information on Oklahoma City employee benefits

Share |

No Comments

Post a Comment
Required (Not Displayed)

All comments are moderated and stripped of HTML.
Submission Validation
Change the CAPTCHA codeSpeak the CAPTCHA code
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012

View Mobile Version