FOR IMMEDIATE RELEASE

Friday, October 4, 2024

SEN. OSTEN’S 2014 BILL RESULTS IN 11^TH- STRAIGHT WORKERS COMP INSURANCE RATE DECREASE FOR CT BUSINESSES

HARTFORD – A new law introduced and passed in 2014 by state Senator Cathy Osten (D-Sprague) has resulted in yet another workers’ insurance rate decrease for Connecticut businesses – the 11^th year in a row that Connecticut businesses have saved money thanks to Democrat-led legislation.

The National Council on Compensation Insurance (NCCI) has filed its proposed voluntary loss cost and assigned risk rates for the calendar year beginning January 1, 2025 with the state Insurance Department; the average workers’ compensation insurance rate decrease across various industries (manufacturing, office and clerical, goods and services) is 6.2%.

“Our 2014 legislation required hospitals to negotiate with and charge businesses medical fees that are based on a cheaper Medicare-based formula, instead of a hospital’s outrageously expensive published, billable costs. Now these rates have dropped for the 11^th year in a row,” Sen. Osten said. “This is one of the great, unknown business cost-savings stories in Connecticut history, and it all started with Democrats on the Labor Committee.”

NCCI is a licensed rating, advisory, and statistical organization based in Boca Raton, Florida that makes recommendations for workers’ compensation insurance rates in most American states. Workers’ compensation insurance is carried by American businesses to protects employees who are injured or become ill on the job; this helps protect employee finances and can help a business avoid costly lawsuits.

The recent NCCI filing can be found at: WC NCCI Rate Filing (ct.gov)