September 18, 2019 10:01am
GLI-backed legislation continues lowering costs for regional employers
Kentucky employers continue to see savings and lower costs as a direct result of legislation supported by GLI.
The Kentucky Department of Insurance recently announced the approved 2019 rate filing for setting workers’ compensation rates in Kentucky, resulting in “an average reduction of 9% across the class codes used in Kentucky.” A news release goes on to highlight that the Department has, on average, approved more than a 25% decrease in loss cost over the past two years.
DOI Commissioner Nancy Atkins cited recent legislative reforms as a key driver of the decline of workers’ compensation costs in Kentucky.
“The overall decrease demonstrates the effectiveness of HB 2 and the commitment of Kentucky employers to employee safety. The Commonwealth is taking the necessary steps to increase investment and job creation. The decreased claim figures continue to make Kentucky an attractive state to do business.” —DOI Commissioner Nancy Atkins
The General Assembly passed House Bill 2 in the 2018 regular session with strong support from GLI. This legislation – among GLI’s top legislative priorities in 2017 and 2018 – ushered in several important reforms to Kentucky’s outdated workers’ compensation system and prevented an anticipated cost increase for Commonwealth employers that would have challenged our region’s business competitiveness. House Bill 2 led to almost immediate savings for businesses and recently overcame a key legal challenge in the Kentucky Supreme Court.
Read more about the 2019 rate filing here.