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The National Council on Compensation Insurance plans to file an overall loss cost decrease of 16.3% for Oklahoma, the Oklahoma Insurance Department said Thursday.
According to the Boca Raton, Florida-based NCCI, the experience Oklahoma has had since legislative reforms in 2013 is the most significant cause for the reduction.
Over the past five years, the sum of decreases filed in the NCCI annual filings is 63.7%, the Oklahoma Insurance Department said in a statement.
After a review process, the new loss costs are expected to take effect on Jan. 1, 2018.
“We have seen great success with efficiently resolving workplace injuries, but our work is not done,” John D. Doak, the state’s Tulsa, Oklahoma-based insurance commissioner, said in the statement. “The Legislature must continue to address areas of concern, such as those presented to the courts, to ensure we can maintain a stable market in Oklahoma. We are reaching a point where continued improvements in our markets will require innovation in the care of injured workers.”
The Pennsylvania Compensation Rating Bureau filed a 6.06% loss cost increase as a response to a Pennsylvania Supreme Court decision.