The Oklahoma Workers’ Compensation Commission announced that it voted this spring to reduce the Multiple Injury Trust Fund assessment on workers’ compensation coverage providers from 7% to 6.29%.
This is the first reduction in five years, the WCC said. The commission said the reduction follows the 2019 legislative authorization of a temporary emergency maximum rate to stabilize the fund after it was unable to meet its obligations to permanently disabled Oklahomans in late 2018.
The decision follows a comprehensive review of the prior year’s total workers’ compensation premiums written to employers and actual paid losses of self-insured employers, the WCC said. The commission determined that current fund conditions are healthy and support a reduction in the rate.
“We are seeing the positive impact of the 2019 legislative reforms, which stabilized the MITF, reduced long-term liabilities, and ensured the MITF’s sustainability,” said Jordan Russell, Chair of the WCC.
The MITF was founded in 1943 as a second injury fund to provide employers with protection from liability associated with hiring workers with pre-existing disabilities, according to the state of Oklahoma. MITF pays 90% of Oklahoma’s permanent disability.
Topics Workers' Compensation Talent Oklahoma
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