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Workers Comp Reform

Governor Pat Quinn announced that the National Council on Compensation Insurance has filed a request for an overall reduction of 4-point-5 percent in workers' compensation rates from the Illinois Department of Insurance.  Since the 2011 Workers’ Compensation Reform law went into effect, the department estimates that overall savings have reached 315-million dollars for the Illinois Workers’ Compensation system.  Officials estimate the latest proposed reduction in workers’ compensation advisory and loss cost rates could result in overall reduction in premiums of up to 110-million dollars.  The NCCI advisory rates determine the premiums businesses pay for workers’ compensation insurance.  If the department accepts the filing, to be effective January 1st, 2014, employers should contact their insurance agent prior to their 2014 renewal date to determine the impact on their premium.

 

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