Kentucky Lowering Rates

Kentucky decreases workers’ comp for 18th straight time

• Kentucky Department of Insurance Commissioner Sharon P. Clark announced that workers’ compensation coverage will decrease for the 18th consecutive time.
• The 2023 filing, approved by the Kentucky Department of Insurance, to become effective Jan. 1, was submitted by the National Council on Compensation Insurance.
• The loss cost figures show an average reduction of 6.4 percent for the 586 industrial classes used in Kentucky.
• The industrial classes include manufacturing, office and clerical, contracting, and goods and services. Class codes are assigned to a business based on the type of work its employees performance.
  Read more

Significant reduction in Idaho

• The National Council on Compensation Insurance’s rate filing for 2024 shows a 12.6% reduction in workers’ compensation rates, which the Idaho Department of Insurance has reviewed and accepted.
• The reduction marks the seventh year in a row that rates have trended downward.
• According to the Department of Insurance, NCCI’s recommendation is based on claims volume, claims utilization, workforce and wages, plus any changes in rules or legislation that’s been enacted.
• With the acceptance of the reduction, compensation insurance providers can either adopt the rates without modification or propose an adjustment.
  Read more

Food plant worker injured in Kentucky

• A worker was taken to the hospital after being hurt by a piece of machinery at a Tyson Foods plant in northern Kentucky.
• The worker was hurt by a piece of machinery and was flown by AirCare to the hospital.
• His condition has not been released.
• “A team member at our Claryville, Kentucky facility was injured. We are thankful for the rapid response of local EMS who were crucial to getting the team member the medical attention needed and we can report he is now in stable condition,” a Tyson spokesman said.
  Read more

Workers comp modification updates

• The NCCI regulates the workers’ compensation system in 36 states and a revised formula for workers’ comp will roll out in D.C. and West Virginia and conclude in Rhode Island on Aug. 1, 2024.
• While the formula itself will remain unchanged, modifications in certain fundamental components will more accurately account for cost variations between states.
• A transition from a nationwide primary/excess split point to one that is specific to each state and the implementation of state-specific split points.
• A revision of the calculation method for state accident limitations.
  Read more