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Regulators in Oklahoma have approved a 5.1% decrease in workers compensation insurance loss costs for 2020, the ninth annual decrease for employers in the state, the Oklahoma Insurance Department announced Monday.
The new loss costs, which help insurers calculate premiums for employers, will go into effect for new and renewing policies effective Jan. 1, 2020.
State Insurance Commissioner Glen Mulready in a statement attributed the downward trend in comp costs to a reduction in claim frequency.
“The biggest driver in bringing down the loss costs portion of premiums, is what is actually paid out in claims, and the reduction in the number of claims filed,” he said in the statement. “The decline in workers’ compensation rates will lower the cost of doing business in our state. I will continue to work hard and help create a more business-friendly environment for all sectors.”
The Oklahoma House of Representatives passed legislation that expands workers compensation coverage for first responders, limits continuing medical maintenance awards and requires employers to pay for drug treatment.