Insurance Commissisoner’s Office
Insurance Commissioner John D. Doak says it’s time for the Legislature to address Oklahoma’s biggest economic issue: workers’ compensation reform.
“Workers’ compensation costs are spiraling out of control,” said Doak. “Oklahoma has some of the highest costs in the country and businesses have had enough. We’ve had several large employers tell us that if workers’ comp isn’t aggressively addressed in the next legislative session, they may have no choice but to leave the state. We can’t ignore this important issue that’s putting Oklahoma’s economy in jeopardy.”
Doak made the comments after approving a loss cost filing by the National Council on Compensation Insurance (NCCI). The filing reflects a 0.4 percent increase in the loss costs used by many carriers to determine workers’ compensation insurance rates. The new loss cost data will be effective Jan. 1, 2013.|
“This is a critical issue for Oklahoma’s future,” said Doak. “Our workers’ comp system has some businesses reevaluating whether to come to or even stay in Oklahoma. Others have already left the state. We need meaningful reform, not window dressing.”
