The Oklahoma Department of Insurance announced that the State Board for Property and Casualty Rates has approved a proposal to increase a key component of workers’ compensation rates by 5.5 percent beginning Jan. 1, 2005.
The decision follows a round of negotiations by parties representing employers and insurance companies. It follows a request by the National Council on Compensation Insurers to raise loss cost rates 11.5 percent. The NCCI represents private insurance companies before the board.
Board members pointed out they are required to approve rates that are fair and adequate but not excessive. The increase falls almost in the middle of the actuarial reviews of the request, which ranged from keeping rates at current levels to the 11.5 percent increase. The increase approved by the board sets the workers’ compensation loss cost rate, which is the portion of the overall rate needed to pay claims for work-related injuries. Administrative expenses and targeted profit are set for each insurance company on its individual experience.
The board’s approval negates the need for a full hearing on the 11.5 percent rate hike sought by the National Council on Compensation Insurers.
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