Oklahoma City, OK – The Oklahoma Workers’ Compensation Commission (WCC) recently announced a 2018 loss costs decrease of 16.3 percent has been filed by the National Council on Compensation Insurance (NCCI). Loss costs are an insurance industry term for the base line premium variable, which insurance companies use to develop their rates. The 2018 filing shows the largest percentage decrease in loss costs since workers’ compensation reforms were passed in 2013.
This decrease will bring the total workers’ compensation loss costs rate reduction to 60.3 percent in the five years since the enactment of the reforms championed by Governor Mary Fallin and the Legislature. The continued steady decline in the advisory rate for workers’ compensation insurance in Oklahoma is an indication the 2013 legislative reforms are having a significant effect.
“The workers’ compensation reform efforts continue to bring good news for Oklahoma,” said Governor Mary Fallin. “Injured workers’ claims are being processed more timely, and by reducing costs Oklahoma businesses can invest in good-paying jobs and increase the quality of life for employees and their families.”
The reduction in loss costs translates to a reduction in workers’ compensation premiums, helping Oklahoma become more competitive with surrounding states in attracting new business. Reductions in premium costs also allow current Oklahoma businesses to invest in their employees with increase salaries and benefits, hire more workers, and modernize their facilities and equipment, providing a better and safer working environment.
“The WCC is also doing our part to reduce costs and increase efficiency for Oklahoma businesses and workers,” said WCC Chairman Mark Liotta, commenting on the rate reduction. “The WCC is implementing paperless claims processing and replacing our antiquated case management system. With these tools, the Commission can better meet our mission of providing fair processing of claims, helping injured workers receive timely treatment, and return to work soon.”
The WCC was established February 1, 2014, to replace the previous Workers’ Compensation Court. The WCC processes all injured worker claims filed on and after February 1, 2014.
Source: OK WCC