Washington state workers compensation insurer asks for rate increase
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TUMWATER, Wash.—The Washington State Department of Labor & Industries on Monday asked its Workers' Compensation Advisory Committee to consider a 2012 workers compensation rate increase ranging from 4.5% to 8%.
Labor & Industries is Washington's monopoly workers comp insurer, and its advisory committee members include representatives from business, organized labor, self-insured employers and the Washington Board of Industrial Insurance Appeals.
After hearing from the advisory committee, Labor & Industries said it will announce proposed rates for 2012 on Sept. 20. Public hearings will be held in October, and the final rates will be announced in early December.
The agency said a rate increase will restore its reserves after it drew on $332 million in reserves over three years to hold down rate increases.
It said that for every dollar held in reserves by other public industrial insurers, Washington state now has 20 cents in reserve.
