IL Workers' Comp Insurance Rate Down 4.5 Percent
SPRINGFIELD, IL - Gov. Pat Quinn's administration says the statewide average workers' compensation rate has dropped 4.5 percent.
Officials say the figure set by a national rating agency continues a downward trend that has saved Illinois employers $315 million in insurance premium costs since 2011.
The National Council on Compensation Insurance issued the figure Monday. Insurance companies often use the number to figure workers' compensation premiums.
James Stephens is deputy director of the Department of Insurance. He says the drop reflects an overall 13.3 percent decrease in the rate in the last three years.
Quinn's office says the decrease is because of a money-saving workers' compensation reform package the Democratic governor signed into law in 2011.
The rate changes take effect Jan. 1 if the Insurance Department accepts them.