West News 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.
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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.
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