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The Montana State Fund Board of Directors has announced an average overall 5% workers compensation advisory rate decrease for policyholders in the state.
The rate cut is a result of the state fund’s focus on safety and improving claims management for injured workers, though overall rates may vary depending on the industry and an employer’s individual loss history, the fund said Monday in a statement.
According to the statement, the state fund has returned $106 million in dividends to Montana businesses since 1999.
“This type of rate reduction wouldn't happen without the commitment of our policyholders and their employees to invest in a safe workplace,” fund President and CEO Laurence Hubbard said in the statement. “Lower injury rates in turn translate to lower premium rates. This means more money in the pockets of Montana business owners who can use it to positively invest it in their workers and their business.”
The rate cut will apply to any policy with an effective date between July 1, 2015, and July 1, 2016.
The Montana State Fund says it provides workers comp coverage to more than 26,000 employers in the state, making it the largest workers comp insurer in Montana.
The Oklahoma Supreme Court has rejected assuming jurisdiction over a lawsuit alleging that the state’s alternative workers compensation system is unconstitutional.