Arkansas Insurance Commissioner Jay Bradford has announced a decrease in workers’ compensation costs effective July 1, 2009.
The overall loss cost decrease in the voluntary market is 7 percent, while the overall decrease in rates for the assigned risk is 6.4 percent.
Act 796 of 1993 is credited by most with providing the impetus for the aggressive health and safety programs which are currently in effect in many workplaces in Arkansas.
Since passage of workers’ compensation legislative reform in 1993, and the implementation of high workplace standards, Arkansas has experienced a steady decline in workers’ compensation costs. Costs today in the voluntary market are approximately 63 percent lower than in 1996, resulting in significant savings to Arkansas employers.
Commissioner Bradford praised workers, employers, legislators, and regulators for the progress the state has made in providing a healthy workers’ compensation system, which in turn drives lower rates.
“Today, we are seeing the culmination of the efforts and farsightedness demonstrated by everyone involved in the system,” he said.
Source: Arkansas Insurance Department, www.insurance.arkansas.gov/
Was this article valuable?
Here are more articles you may enjoy.