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Oregon workers compensation rates will decline 7.6% on average next year due to lower medical and indemnity costs, the state Department of Consumer and Business Services says.
The pure premium rate decrease was based on a recommendation from the National Council on Compensation Insurance Inc., the department said in a statement Thursday. The new rate will take effect Jan. 1.
The state said medical cost control strategies have resulted in reduced workers comp claim costs across various industries in Oregon, with manufacturing and construction firms seeing the largest declines.
Self-insured employers in Oregon could use an alternative security deposit system to guarantee payment of workers compensation claims under legislation requested by the Oregon Self-Insurers Association.