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Member, Beacon International Group, Ltd.
PORTLAND, Ore.--Workers compensation pure premium rates in Oregon will decrease by 2.1% in 2007, the state's Department of Consumer & Business Services announced.
"No other state in the union has seen 16 consecutive years without a rate increase, and no other state in the union has seen rate decreases while benefits have actually gone up," Oregon Gov. Ted Kulongoski said in a prepared statement Wednesday.
Since 1990, rates in Oregon decreased for 12 consecutive years then flattened for four more years, the governor said.
In California, meanwhile, Insurance Commissioner John Garamendi said he will likely recommend a reduction in workers compensation pure premium rate decrease of at least 6.3%, as recommended earlier this month by the state's Workers' Compensation Insurance Rating Bureau.
That would result in a 58% overall reduction in rates since 2003, according to WCIRB calculations.