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The Indiana Department of Insurance has approved a 7.7% decrease in workers compensation loss cost rates for 2014, according to a filing posted Friday by the Indiana Compensation Rating Bureau.
Indianapolis-based ICRB requested the rate decrease in September, and the new rate takes effect Jan. 1, according to the rating bureau's filing.
An analysis by the National Council on Compensation Insurance Inc., which was included in the filing, showed that Indiana has seen decreasing workers comp claim frequency and indemnity costs in recent years.
H.B. 1320, a workers comp reform bill passed by Indiana legislators in April, also is expected to decrease Indiana workers comp system costs by 3.7%, according to Boca Raton, Fla.-based NCCI.
The new law imposes a fee schedule for medical services at 200% of Medicare's rate, caps the price of medical implants, and mandates that repackaged drugs cannot be sold for a higher price than the average wholesale price established by the original manufacturer.
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.