Agreement reached on workers' comp rates - NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com |

Agreement reached on workers' comp rates

Updated:
OKLAHOMA CITY (AP) -- A state agency will consider a proposed agreement that would increase workers' compensation rates.

The proposal calls for an increase of 5.5% in so-called "loss cost" rates.

Company's that provide workers' comp insurance had originally asked for an 11.5% increase.

Loss cost refers to the direct expense of settling workers' comp claims, such as medical bills and salary reimbursements. It's about 70% of the rate a company pays for workers' comp.

The State Board for Property and Casualty Rates must ratify the agreement and a hearing is set for September 23rd.
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