The Michigan Department of Licensing and Regulatory Affairs announced that it has approved an 8.3% decrease in the 2014 pure premium advisory rates for the workers' compensation market. The decrease will mean that Michigan's pure premium rate will have dropped by more than 21% during the past three years, as rates decreased by more than 7% in 2012 and 2013. Steve Arwood, director of the Department of Licensing and Regulatory Affairs, said, "This sizable decrease in workers’ compensation rates gives Michigan a real competitive edge over neighboring states in attracting and retaini...
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