Montana State Fund’s board of directors approved an 8% reduction in premium rate levels for 2018.
The rate filing from the state-chartered carrier that would go into effect July 1 is awaiting approval by the Insurance Commissioner.
MSF said the 2018 rate, if approved, will result in it charging about 3% less for workers’ compensation coverage than it charged in 1990 when it was formed. The carrier said it reduced rates by a cumulative 52 percentage points since 2007, thanks in part to a 20% rate cut in 2011 after lawmakers passed a reform bill.
Lance Zanto, chairman of the MSF board, said in a statement that the proposed cut for 2018 was possible because of savings from reform provisions, as well as an increased focus on workplace safety.
“It all comes down to workplace safety and keeping injured workers at work,” he said. “Fewer accidents in the workplace help keep premium levels as low as possible.”
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