The Texas Department of Insurance has set the discount and interest rate for the fourth quarter at 4.71%, up from the current rate of 4.5%.
Division of Workers' Compensation Commissioner W. Ryan Brannan announced the rate change in a memo issued Monday.
The rate was calculated using a formula spelled out in the Texas Labor Code that requires the DWC to take the constant maturity rate for one-year treasury bills into account. The Federal Reserve Board indicated on June 16 that the constant maturity rate for such bills is currently 1.21%.
The rate is in effect from Saturday unt...
Comments