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Tennessee Department of Commerce and Insurance Commissioner Julie Mix McPeak has approved a 19% reduction in workers compensation rates in the state.
The 19% reduction was recommended by the National Council on Compensation Insurance in August and the commissioner approved the decrease on Oct. 31, according to a statement issued by the department on Monday. The reduction will become effective on March 1.
Previous reductions of 12.6% and 12.8% were approved for 2018 and 2017, respectively, according to the statement.
Rate reductions have been attributed to reforms of the state’s workers comp system and fewer significant workplace injuries, according to the statement.
The National Council on Compensation Insurance Inc. has filed for a workers compensation rate increase in Indiana and a decrease in Tennessee.