Workers comp rate hike sought in Oklahoma
Wednesday, August 4th 2004, 11:39 am
By: News On 6
OKLAHOMA CITY (AP) _ Insurance companies are asking for permission to raise their premiums for workers compensation coverage.
The group plans to ask the state Insurance Department for an 11.5% inrease in ``loss cost'' rates.
Loss cost refers to the cost of settling workers' compensation claims, such as medical bills and salary reimbursement. It makes up about 70% of the premium paid by companies.
The state Board for Property and Casualty Rates is expected to consider the request late next month.
The board last year rejected a request for a 6.4% increase in the loss cost rates.