State Chamber of Oklahoma Senior Vice President of Government Affairs Jonathan Buxton released the following statement after the National Council on Compensation Insurance filed an overall loss cost level decrease of 10.2 percent for next year:
“This reduction reflects the continuing positive effects of the workers’ compensation reforms passed by the Legislature and signed by Governor Mary Fallin in 2013. We have seen the rate of claims fall by two-thirds, employees returning to work quicker and costs to employers reduced dramatically.”
NCCI provides comprehensive loss cost filings to the state annually to show how changes in the law and employer loss experience trends are expected to impact future losses. Over the past three years, these annual filings have totaled a reduction of 47.4 percent. These loss cost filings do not change workers’ compensation insurance premiums on their own. Insurers use the loss cost filings from NCCI when setting their own insurance premium rates.