Senate President Pro Tempore Brian Bingman issued the following statement Thursday in response to the National Council on Compensation Insurance (NCCI) filing an overall workers compensation premium level decrease for the state, as a result of the Legislature’s approval of comprehensive workers’ compensation reforms this year.
“It is fantastic news for the Oklahoma business community and workers that the NCCI, as expected, has filed an overall workers’ compensation premium level decrease for the state of 14.6 percent resulting from landmark legislation passed earlier this year. Workers’ compensation costs are noted by employers of all sizes across the state as their top barrier to growth, which is why we passed comprehensive reform.
“Lower rates mean more money for investment, expansion, wage increases and job creation for businesses here, and a more competitive economic climate for companies looking to expand and relocate to Oklahoma. This dramatic reduction in rates shows the legislation is working and I believe is only the tip of the iceberg in savings Oklahoma businesses will see over the long-term.”