|By PR Newswire||
|September 2, 2014 05:59 PM EDT||
OKLAHOMA CITY, Sept. 2, 2014 /PRNewswire/ -- For the second straight year, workers' compensation loss costs used by insurers to determine rates for employers will show an overall decrease. The National Council on Compensation Insurance (NCCI) has filed an overall loss cost level decrease of 7.8 percent, bringing the total two-year decrease to 22.4 percent.
"This is great news for Oklahoma's economy," said Oklahoma Insurance Commissioner John D. Doak. "When employers pay less for workers' compensation insurance, they can more easily grow their business, hire additional workers and expand local economies. I'm extremely encouraged to see the continuation of this positive trend. I don't think it's a coincidence that it all started with Oklahoma's push for workers' compensation reform."
Commissioner Doak praised Oklahoma lawmakers and Gov. Mary Fallin for their efforts to improve the state's workers' compensation system.
"The new workers' compensation system is less adversarial, less costly and better at getting injured workers healthy and back on the job," said Fallin. "By reducing costs for Oklahoma businesses it is also saving employers millions of dollars that can be invested in new, good-paying jobs."
The NCCI is an advisory organization that studies workplace injuries, collects workers' compensation claim data, analyzes industry trends and develops loss costs to be used in the ratemaking process. Most workers' compensation carriers use the NCCI loss cost values when determining the rates charged to Oklahoma employers. NCCI credits Oklahoma's premium level decrease to declines in market experience and market trend, as well as recent reforms.
The new loss costs go into effect on Jan. 1.
About the Oklahoma Insurance Department
The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible for the education and protection of the insurance-buying public and for oversight of the insurance industry in the state.
For more information contact:
Kelly Collins Dexter
SOURCE Oklahoma Insurance Department
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Aug. 27, 2016 08:00 AM EDT Reads: 568
Aug. 27, 2016 07:45 AM EDT Reads: 740
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Aug. 27, 2016 07:45 AM EDT Reads: 628
Aug. 27, 2016 06:15 AM EDT Reads: 2,332
Aug. 27, 2016 03:15 AM EDT Reads: 1,764
Aug. 27, 2016 02:30 AM EDT Reads: 2,001
Aug. 27, 2016 01:45 AM EDT Reads: 1,730
Aug. 27, 2016 01:30 AM EDT Reads: 2,092
Aug. 27, 2016 01:15 AM EDT Reads: 2,012
Aug. 27, 2016 12:45 AM EDT Reads: 2,931
Aug. 27, 2016 12:45 AM EDT Reads: 2,151
Aug. 27, 2016 12:15 AM EDT Reads: 2,290
Aug. 26, 2016 10:45 PM EDT Reads: 2,073
Aug. 26, 2016 10:00 PM EDT Reads: 1,858
Aug. 26, 2016 09:15 PM EDT Reads: 1,442