Insurance Dept. Approves 3.4% Rate Reduction

The Idaho Department of Insurance has approved a 3.4% rate decrease as proposed by the National Council on Compensation Insurance. It takes effect May 31. The mid-year rate reduction follows a 5.8% decrease that took effect Jan. 1. Together the two reductions cut premium costs by more than 9%. “We rarely see midyear rate change proposals for workers’ compensation insurance,” Insurance Department Director Dean Cameron said in a press release. “But the passage of the Tax Cuts and Jobs Act reduced the needed premium, so we are happy that savings can be passed on to h...