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Montana Insurance Commissioner Matt Rosendale has approved a nearly 11% reduction in the Montana workers compensation loss cost rate.
The 10.7% overall average decrease was filed by the National Council on Compensation Insurance Inc. and will take effect on July 1, the commissioner’s office said Wednesday in a statement.
The approved loss cost rate will be used by both private workers comp insurers and the Montana State Fund in establishing premiums, according to the statement.
“This is the biggest decrease we’ve seen in seven years,” following 2011 reforms, Mr. Rosendale said in the statement.
The Colorado Division of Insurance said Monday that it has approved a reduction of 12.7% for the average loss costs component of workers compensation premiums for 2018.