The Oklahoma State Board for Property and Casualty Rates voted to hold the line on a key component of workers’ compensation rates, at least for the next year. The 4-1 decision came after nearly 10 hours of hearings during which representatives of the National Council on Compensation Insurance told board members a 6.4 percent increase was necessary, while officials representing Atty. Gen. Drew Edmondson recommended a 3.1 percent decrease. Private industry, which was represented by NCCI, writes 46 percent of workers’ compensation insurance in Oklahoma. The remainder is written by CompSource, formerly the State Insurance Fund, or is self-insured. The board’s action leaves in place current loss costs rates, on which premiums are ultimately based.
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