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Oklahoma Insurance Commissioner Glen Mulready on Wednesday approved a 9.6% decrease in workers compensation insurance loss costs for 2021. Workers comp loss costs have decreased every year for the past decade, marking a 54% decrease in loss costs since 2011.
Oklahoma’s lost-time claim frequency has also declined significantly over the past 15 years by nearly 50% and is predicted to continue to decline in 2021, the commissioner’s office said in a statement.
The new loss costs will go into effect for new and renewing policies effective Jan. 1, 2021.
In a batch of reform measures pre-filed in the last week, lawmakers in Oklahoma are considering legislation that would make such changes that would revamp the state’s Second Injury Fund, would add clarity to the state’s law when it comes to workers compensation fraud, and clear the red tape in chiropractic care for injured workers.