The Idaho Department of Insurance has approved a proposal from the National Council on Compensation Insurance for another 3.4 percent decrease to workers’ compensation insurance rates.
The decrease is effective for policies issued or renewing after May 31, 2018.
This follows a 5.8 percent rate decrease that was effective at the beginning of the year, resulting in rates 9 percent lower than those of 2017, according to the department.
“We rarely see midyear rate change proposals for workers’ compensation insurance,” Department Director Dean Cameron said in a statement. “But the passage of the Tax Cuts and Jobs Act reduced the needed premium, so we are happy that savings can be passed on to help Idaho businesses.”
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