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Workers compensation advisory rates for Washington state businesses will increase 0.8% in 2015, the state Department of Labor & Industries said Tuesday.
Labor & Industries is the monopoly workers comp insurer for Washington state. The department said in a statement that it had been considering a 1.8% increase in advisory workers comp rates for next year, but approved a smaller rate hike based on positive financial results for the state workers comp system during the third quarter of this year.
“We're doing our best to keep rates steady and predictable, while making sure the workers' compensation system stays strong,” Labor & Industries Director Joel Sacks said, in a statement.
Labor & Industries insures more than 160,000 employers and 2.4 million workers in Washington state, according to the department.
The Florida insurance commissioner on Wednesday rejected a 3.3% overall decrease in state workers compensation rates and ordered the National Council on Compensation Insurance Inc. to re-file an overall rate cut of 5.2%.