Arkansas approves 8.4% comp rate cut

Arkansas Insurance Commissioner Allen Kerr has approved an 8.4% decrease in voluntary market workers compensation loss costs and a 10.6% rate decrease for the assigned risk market, according to a statement Monday.

The decrease is effective July 1. Mr. Kerr credited “Act 796 of 1993 with providing the impetus for the aggressive health and safety programs” that contributed to the advisory rate cut, the statement said.

“These lower workers’ compensation numbers, which are based on data from 2015 … illustrate that Arkansas is a welcome place for new business,” Mr. Kerr said in the statement.