Oklahoma Insurance Commissioner Glen Mulready on Tuesday approved a 9.4% decrease in workers’ compensation insurance loss costs for 2022.
Loss costs are the average cost of lost wages and medical payments for injured workers per $100 of payroll. Overall, loss costs have decreased by a cumulative 59% since 2011, the Insurance Department said in a statement.
The new rates will apply to policies incepting on or after Jan. 1.
“In 2014, the Workers’ Compensation Commission became effective, and this commitment to a new administrative system, along with our cost-efficie...
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