The Oklahoma Board for Property and Casualty Rates approved a Sept. 11 hearing for a proposed 6.4 percent increase in a key component of workers’ compensation rates. Insurance Commissioner Carroll Fisher promised a thorough and fair review of the request, which was filed by officials with the National Council on Compensation Insurance. NCCI represents private workers’ comp carriers in Oklahoma. Fisher noted that he would have preferred to see a request for a rate decrease. Under the board’s scheduling order, the filing goes to an independent actuary, as well as an actuary working for Attorney General Drew Edmondson, who represents consumers in the matter. The filing would affect the “loss cost” portion of workers’ comp rates for the private insurance industry. CompSource, formerly know as the State Insurance Fund, sets its own rates and is not affected by the filing. CompSource provides coverage for more than 50 percent of the insured market. NCCI said the increase was needed due to medical inflation and high attorney involvement in Oklahoma.
Topics Workers' Compensation Oklahoma
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