Agreement reached on workers' comp rates

Wednesday, September 22nd 2004, 9:14 am
By: News On 6

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.