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Workers Compensation Experts Advise Oklahoma Firms on Rate Reduction.(Originated from Tulsa World, Okla.)
- Article from:
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Knight Ridder/Tribune Business News
- Article date:
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July 11, 1996
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Copyright informationCOPYRIGHT 1996 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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OKLAHOMA CITY--Jul. 11--In 1989, Texas had one of the highest workers-compensation insurance costs in the nation.
For every premium dollar earned by insurers, they had to pay out $1.07 in compensation costs. Major businesses were threatening to leave the state, many businesses stopped carrying compensation insurance and the public looked upon the system with open cynicism.
All of that changed in 1989, when Texas lawmakers rewrote their compensation laws, reducing the role of attorneys, eliminating lump sum awards in most cases and making sure that injured employees received their benefits on time.
Loss ratios incurred by workers compensation insurers in Texas have ...