State Adopts Tiered Rating System for Work Comp Insurers

With Gov. Doug Ducey's signature on Senate Bill 1331, Arizona has become the latest state to adopt a tiered rating system for workers' compensation carriers.  The new system gives carriers more flexibility when setting workers' compensation insurance rates. Currently, all Arizona carriers must sell insurance at the rate adopted by the state each year, which is set by the National Council on Compensation Insurance. Arizona law allows carriers to apply for one deviation from this rate. If approved, the new rate applies to all its insureds. "If you take a deviation of...