Insurance Commissioner Approves 5.3% Loss Cost Decrease

Tuesday, June 12, 2018 | 0

The Kentucky Department of Insurance has approved a 5.3% loss cost decrease recommended by the National Council of Compensation Insurance, the department announced Monday.

Nancy G. Atkins

NCCI recommended the reduction in a “law-only” filing after adoption of House Bill 2, signed into law by Gov. Matt Bevin on March 30. The measure mandates adoption of a drug formulary and limits permanent disability benefits to workers 70 and over, among other changes.

Kentucky Insurance Commissioner Nancy G. Atkins said in a press release that the rate decrease “reinforces why the recently enacted reforms are necessary.”

No statutory changes have been made to Kentucky’s workers’ compensation system since 1996, she said.

The rate decrease goes into effect July 14.