OKLAHOMA CITY – House Speaker T.W. Shannon expressed his excitement and gratitude to fellow conservatives today after the National Council on Compensation Insurance, Inc. announced a projected double digit decrease in workers’ compensation costs.
The NCCI reported industries will see a projected average of 14.6 percent decrease in loss costs starting January 1. The NCCI credited the decrease to the workers compensation reforms the legislature passed in Senate Bill 1062 last session.
“Oklahoma continues to be a leader by proving to the country that conservative pro-business policies lead to economic growth and prosperity,” said Speaker Shannon, R-Lawton. “By replacing an archaic adversarial system with a modern administrative system, we have opened the doors for employers and employees to settle claims in a fair and affordable manner. Businesses will see a reduction in costs and injured employees remain protected.”
Speaker Shannon said he hopes to see greater savings as the new administrative system is put into motion and the adversarial system is phased out.