Helena, MT – Insurance Commissioner Matt Rosendale recently released the below statement following the Montana State Fund Board of Directors’ approval of an 8.6% average reduction of workers’ comp premium rates for about 25,000 employers the fund covers:
“I’m pleased to see a reduction in the State Fund’s rates after I approved the biggest loss costs decrease in eight years,” Rosendale said.
“Unfortunately, this rate reduction is not as big as it likely should be because of the $28 million that was redirected from the State Fund last year. Any decrease in work comp insurance rates is good for Montana’s small businesses, so I’m happy to see rates continuing to decline.”
“This rate reduction is a credit to the improved safety record of Montana’s businesses and the policies that we have put forward,” Rosendale continued.
The reduction in rates for Montana State Fund also comes a year after an 8% reduction for FY2019, and marks 13 consecutive years of stable or declining rates.
Source: MT CSI