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The Idaho Department of Insurance approved a proposal from the National Council on Compensation Insurance for a 3.4% decrease to workers compensation insurance rates, the department announced Thursday.
The latest reduction, set to go into effect on June 1, follows the 5.8% rate decrease that was effective at the beginning of the year, resulting in rates 9% lower than those of 2017. The rates are effective for policies issued or renewing after May 31, 2018, according to a press release.
“We rarely see midyear rate change proposals for workers compensation insurance,” Department Director Dean Cameron said in the press statement. “But the passage of the Tax Cuts and Jobs Act reduced the needed premium, so we are happy that savings can be passed on to help Idaho businesses.”
Connecticut employers will see lower workers compensation insurance rates in 2018, a 14% reduction that will mark the fourth consecutive year of decreases, the Connecticut Insurance Department announced Monday.