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Connecticut Insurance Commissioner Katharine L. Wade has approved a 3.9% reduction in voluntary market workers compensation advisory rates for the state next year.
Advisory rates for Connecticut's residual workers comp market will also fall 7.9% next year, according to a statement Friday from the Connecticut Insurance Department. The rate cuts, approved by Ms. Wade on Tuesday, are based partly on lower workers comp claim frequency, the department said.
“We are seeing a steady decline in the number of claims, and robust competition among workers comp insurers is also helping to drive down costs,” Ms. Wade said in the statement.
The rate cuts, effective Jan. 1, were based on a recommendation from the National Council on Compensation Insurance Inc., according to the insurance department.
A payer compliance program launched by the New York State Workers' Compensation Board is getting mixed reviews from experts.