State issues Final Order for Workers’ Comp Cost Increase
As expected, state insurance regulators have issued a final order jacking up the price of worker’s compensation insurance by nearly 15 percent. The order was published Thursday.
The decision approves the National Council on Compensation Insurance (NCCI) request “for an overall combined statewide average rate increase of 14.5 percent,” the Office of Insurance Regulation said in a press release.
The rate hike, which applies to new and renewal policies, is effective Dec. 1. The increase continues to be bitterly opposed by business groups.