By: Phil Drake
A 7.8 percent reduction in workers’ compensation “loss costs” was approved recently by Commissioner of Securities and Insurance Matt Rosendale and will take effect July 1.
Loss costs are the dollars needed to pay the worker’s compensation benefits plus an amount for claims adjusting, such as taxes and other contingencies, officials said.
The approved loss costs, filed with the National Council on Compensation Insurance, will be used by private workers’ compensation insurers and also the Montana State Fund, the largest workers’ compensation insurance company in Montana, to determine their premium rates, Rosendale said.
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