McPeak Bucks Advisory Council and Goes With 19% Rate Decrease

The Tennessee Department of Commerce and Insurance has approved a 19% rate reduction for the voluntary and assigned risk markets, going against an advisory council that urged a more cautious approach. The National Council on Compensation Insurance had recommended a 19.1% decrease in August — one of the largest ever — but the Tennessee Workers' Compensation Advisory Council proposed a 14% decrease instead. The Advisory Council's figure was based partly on the findings of two outside actuarial firms, which recommended a cut of 9% for the voluntary and assigned ...