New Mexico Drops Workers’ Compensation Rate
The New Mexico Department of Insurance has approved rate reductions in workers’ compensation premiums for the fourth year in a row.
Workers’ Compensation Administration director Glenn Smith says such rate reductions make it cheaper to purchase insurance and, hopefully, make New Mexico more attractive to businesses.
He credits efforts by employers and workers for reducing on-the-job injuries.
The National Council on Compensation Insurance has requested a rate reduction of 4.5 percent in the voluntary market and an overall decrease for the Assigned Risk Pool of 0.9 percent. The reductions should go into effect on Jan. 1.
Copyright 2024 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Popular Today
- AM Best Assigns Issue Credit Rating to Church Mutual’s Surplus Notes
- TikTok Must Face Lawsuit Over 10-Year-Old Girl’s Death, Appeals Court Rules
- Mailing a Letter, in Context With Other Clues, Is Sufficient Cancellation – NC High Court
- Lyft is a Motor Carrier and State Farm Can be Sued Directly, Georgia Court Says