Okla. Employers May See Lower Workers’ Comp Costs

Oklahoma Insurance Commissioner Kim Holland expects workers’ compensation insurance costs for policyholders with licensed insurance companies to decrease because of benefit changes produced by a special session bill for workers compensation reform.

Holland accepted the National Council on Compensation Insurance loss costs for a decrease of 10.5 percent, which has an estimated $35 million decrease effect. Loss costs are a portion of the final rate used to calculate workers’ compensation insurance premiums. This filing is the first piece of the benefit changes produced by a senate bill, which was enacted during this year’s legislature.

“We believe the Legislature made an effort for consumers and the Oklahoma Insurance Department expects the industry to honor that effort,” Holland said. “I expect NCCI’s member insurers to adopt the loss cost filing by October 1, 2005.”

The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible for the education and protection of the insurance-buying public and for oversight of the insurance industry in the state.