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Pennsylvania Cuts Workers' Comp Rates
"HARRISBURG, Pa. -- A 2.89% rate reduction for workers' compensation premiums is expected to save employers an additional $32.5 million in workers' comp costs this year, according to Diane Koken, Pennsylvania Insurance Commissioner. "Pennsylvania has a very competitive marketplace for workers' compensation insurance due, in large part, to our overall reforms and focus on workplace safety," Koken said. "We had seen some small rise in premiums in recent years, but I am encouraged that we are back on track.""We are approaching the $200 million dollar mark in employer premium savings through our Certified Safety Committees," added Stephen M. Schmerin, state Labor & Industry secretary. "L&I is committed to reducing both direct and indirect costs associated with workplace accidents through streamlined administrative and adjudication processes, coupled with increased safety awareness and premium savings."The Pennsylvania Compensation Rating Bureau files workers' compensation rates with the Insurance Department. The bureau represents more than 300 insurance companies that write workers' compensation insurance in the Commonwealth. The Department of Labor & Industry manages Pennsylvania workers' compensation system and compliance with workplace safety."