OKLAHOMA CITY - Senator Brad Henry says news of a proposed double-digit rate cut for workers comp insurance is good news for the entire state, and proof that legislative efforts to improve the system are working. That's after the organization that represents workers comp insurance companies recommended at least a 12.1 percent reduction effective this December 1.
"Injuries are down and costs are down. As a result of our many legislative initiatives over the past several years, we have increased workplace safety, decreased red-tape, and made numerous reforms to protect both the employer and their workers," said Henry, who authored several of the most critical reforms.
"We've increased the use of independent medical examiners, introduced restrictions on attorney fees, beefed up fraud enforcement and job safety programs as well as introducing medical cost containment and managed care. As a result, we've seen filings drop by 17,000 a year since 1995. In fact, NCCI reports that Oklahoma is currently at an all time low for filings," said Henry, D-Shawnee.
Henry said once this latest recommendation is approved, it would mark the sixth workers comp reduction in seven years.
"This will mean a savings for Oklahoma employers of between $25 and $26 million, and that's money that they can pump back into our economy. The bottom line is our reforms are working, and that's good news for the entire state," said Henry.