Kerr: Lower rates illustrate how Arkansas is open for business
LITTLE ROCK – Arkansas Insurance Commissioner Allen Kerr today released the following statement after approving a decrease in workers’ compensation rates of 4.3% in overall loss cost in the voluntary market and 1.6% overall average assigned risk, effective July 1:
“These lower rates illustrate how Arkansas remains open for business, and are a key tool we can use to attract new businesses and employment opportunities to the Natural State. I congratulate the employers, workers, and regulators who are continually working to keep costs low and our state competitive.”
Act 796 of 1993 is credited by most with providing the impetus for the aggressive health and safety programs which are currently in effect in many workplaces in Arkansas.
Some companies may experience increases or decreases in excess of the industry average. The new rates reflect only industry averages and will have varying impacts on workers’ comp rates when individual risk factors are applied for each business. The following overall industry average rate changes will go into effect July 1, 2016:
|Industry Group||Loss Cost Level Changes|
|Office & Clerical||-6.90%|
|Goods & Services||-5.30%|