Kansas cutting workers comp rates up to 11.6%Reprints
Kansas Insurance Commissioner Ken Selzer has approved an 11.6% decrease in Kansas voluntary workers compensation advisory rates for next year.
Mr. Selzer also approved an advisory rate cut of 10.4% next year for the assigned risk workers comp market, the Kansas Insurance Department said Thursday in a statement.
The rate cuts, effective Jan. 1, were based on recommendations from the Boca Raton, Florida-based National Council on Compensation Insurance Inc.
The department said it expects the proposed workers comp rate decreases to benefit many of the 65,000 Kansas employers that buy workers comp insurance.
“Kansas has built a business environment that reduces costs and supports growth,” Kansas Commerce Interim Secretary Michael Copeland said in the statement. “Lower workers compensation rates allow companies to invest more in the economy and create jobs.”