October 20, 2020 11:54am
GLI-backed workers’ comp reform bill continues lowering costs for employers
A GLI-backed workers’ compensation reform bill continues to have a positive impact on Kentucky’s economy by lowering costs for regional employers.
At a meeting of the Interim Joint Committee on Banking and Insurance in Frankfort this morning, representatives from the Kentucky Department of Insurance testified that workers’ compensation rates for employers will decrease overall by 8.4 percent in 2021.
In 2018, GLI and business organizations throughout the Commonwealth championed House Bill 2, sponsored by Rep. Adam Koenig, to introduce much-needed reforms to Kentucky workers’ compensation system and lower costs for Greater Louisville employers. In total, workers’ compensation rates in the state have decreased by more than 30 percent over the past three years.
The new rates for 2021 do not account for any impact COVID-19 could have on Kentucky’s workers’ compensation system.
Read more about House Bill 2 here.