The Illinois Department of Insurance approved an 8.8 percent decrease in voluntary advisory workers’ compensation rates. The new rate, filed by the National Council on Compensation Insurance, became effective on Sept. 1.
The Illinois Workers’ Compensation Commission noted that the rate revision was filed in response to the enactment of House Bill 1698, the overhaul of the state’s workers’ compensation system that was passed by state lawmakers this year. Insurers may charge more or less than the advisory insurance rates, but the filings influence the market, the IWCC said.
Reforms to Illinois’ workers compensation system were aimed at reducing costs for businesses and cutting down on fraud by reducing medical fees and tightening review of workers’ claims, according to the Illinois Information Service. One of the bill’s main supporters, Rep. John Bradley of Marion said the bill will save businesses more than $500 million.
Was this article valuable?
Here are more articles you may enjoy.
Man Admits to Tracking Drivers, Programming Keys, Stealing and Reselling Vehicles 
AIG Files Amended Suit Against Former Execs, Dellwood Insurance 
P/C Premium Growth Likely But Profits Delayed Until 2025: Forecast 
Progressive Q2 Net Income Skyrockets Over 320% From This Issue
