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Oklahoma businesses will see a 14.6% cut in workers compensation loss cost rates for 2014 after state lawmakers passed legislation to create an alternative workers comp system, the Oklahoma Insurance Department says.
S.B. 1063, which was signed into law in May, allows employers to opt out of the state workers comp system by establishing an alternative plan that pays benefits similar to workers comp. The law also creates an administrative dispute resolution system, which backers say is expected to be more efficient and less costly than Oklahoma's previous court-based system.
The bill's passage prompted the Boca Raton, Fla.-based National Council on Compensation Insurance Inc. to recommend a 14.6% decrease in comp rates, the state insurance department said in a statement Thursday. The insurance department approved NCCI's requested rate cut this week.
The approved rate cut will take effect Jan. 1, the insurance department said.