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September 13, 2011
Earlier this week, the Department of Labor & Industries presented their actuarial review of the proposed 2012 rates at the Workers’ Compensation Advisory Committee meeting. Due to the reforms that were passed last year in the legislative process, the indicated rate for 2012 is, on average, a .3% decrease from the 2011 rates.
However, L&I is proposing to use this opportunity to increase 2012 accident fund rates, ranging from 4.5% to 8%. This increase would make it possible to start rebuilding the combined contingency reserve from its current $563 million level to $1 billion, the minimum level recommended in the department’s guidelines for contingency reserves.
Here is a link to L&I’s presentation on “Restoring the Contingency Reserve”
L&I will publicize their proposed rate filing for 2012 on September 20, 201, and public hearings will be held later in October.