Worker's Compensation Rate to Decrease June 1
Courtest of: magicvalley.com
BOISE — The Idaho Department of Insurance approved a proposal from the National Council on Compensation Insurance for an another 3.4 percent decrease to workers’ compensation insurance rates to be effective for policies issued or renewing after May 31.
This follows the 5.8 percent rate decrease that took effect at the beginning of the year. Workers’ compensation insurance policies that renewed prior to June 1 will see this reduction accounted for in their next renewal.
“We rarely see midyear rate change proposals for workers’ compensation insurance,” Director Dean Cameron said in a statement. “But the passage of the Tax Cuts and Jobs Act reduced the needed premium, so we are happy that savings can be passed on to help Idaho businesses.”
The workers’ compensation benefit system is designed to cover medical costs associated with workplace injuries, as well as provide wage replacement benefits to injured workers for lost work time. NCCI collects information about the workers’ compensation system in Idaho and submits proposed rates to the Idaho Department of Insurance for review and approval.
The Idaho Department of Insurance has been regulating the business of insurance in Idaho since 1901. For information, go to doi.idaho.gov.
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