Workers’ compensation rates decrease due to reform legislation

May 4, 2017

The National Council on Compensation Insurance this week proposed lowering the workers’ compensation rate in Iowa. The filing delivered to the Iowa Insurance Division proposes an overall average rate change of -3.9 percent to become effective July 1, 2017 for new and renewal policies in the voluntary and assigned risk market.

This filing is a direct result of the enactment of a workers’ compensation reform bill ABI advocated for during the 2017 legislative session. The reform was ABI’s top priority and provided much needed reforms to Iowa’s workers’ compensation system. The new law goes into effect on July 1, 2017. A comprehensive section by section of the enrolled bill can be found here.  The full details on the rate filing can be found here.