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Senate committee hears business and agency support for publishing workers' compensation 'indicated' rates
Summary
Senate Bill 6,136 would require the Department of Labor & Industries to publish actuarial-indicated workers' compensation rates and disclose when the agency limits rate increases (such as a 15% administrative cap). Supporters say it improves planning; agency staff described how investment returns and reserves have been used to lower adopted rates.
Senate Bill 6,136, sponsored by Senator King, would require the Department of Labor & Industries (L&I) to publish the actuarial-indicated premium rate for each workers' compensation risk classification whenever it proposes premium rates and to disclose when L&I limits increases for a class and the downstream effects of that limitation.
The sponsor told the Senate Labor and Commerce Committee the bill is aimed at transparency: ‘‘Caps are useful, but without the full information of what’s behind those caps and the true costs, we’re left with a misunderstanding of where we really are at,’’ Senator King said.
Committee staff explained the bill would make the department publish the indicated rate per class, identify classes…
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