Regulators Tout Larger, 9.2% Rate Decrease for 2021

Many Tennessee employers should see a decrease in workers' compensation premiums next year after regulators approved a 9.2% cut in loss costs for the voluntary market, the Department of Commerce and Insurance announced. The National Council on Compensation Insurance in August recommended the 9.2% decrease, and the state's Advisory Council on Workers' Compensation urged a smaller loss cost decrease of 8.4%. Insurance Commissioner Carter Lawrence last month went with the larger rate reduction, which takes effect March 1 for new and renewal policies. “During a year wh...