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Oklahoma businesses will see a 14.8% cut in workers compensation loss cost rates as of Jan. 1, 2016, the Oklahoma Insurance Department said Thursday.
The National Council on Compensation Insurance Inc. filed for the rate reduction following a 7.8% rate decrease in 2015 and a 14.6% rate decrease in 2014, the department said in a statement.
Workers comp reforms, which took effect on Feb. 1, 2014, permit qualified employers to opt out of the state's workers comp system and either self-insure or buy private workers comp insurance.
To date, 55 businesses have been approved as qualified employers.
“Since my department's push for workers compensation reform, we're seeing this positive trend,” Oklahoma Insurance Commissioner John D. Doak said in the statement. “As these rates decrease, Oklahoma business owners can pay less for workers compensation insurance and instead invest in growing their business. It's a step in the right direction for Oklahoma's economy.”
The Oklahoma Supreme Court has rejected assuming jurisdiction over a lawsuit alleging that the state’s alternative workers compensation system is unconstitutional.