State Sets Comp Rate Reduction

Arkansas businesses are set to see another rate decrease in workers' compensation insurance in 2022, Insurance Commissioner Alan McClain said in a press release Thursday. Following a years-long downward trend, the Arkansas Insurance Department approved an average overall workers' compensation voluntary market loss cost decrease of 10.8%, affecting 91% of employers, and a drop of 11% for the assigned risk market for employers unable to obtain coverage in the voluntary market. The new rates are in line with recommendations by the National Council on Compensation Insurance, which no...