A Good Five-Minute Workers Comp Rate Setting Calculation Video
This workers comp rate-setting calculation video caught my eye last week. The State of Washington’s L&I produced the video.
Washington is a Monopolistic State. All employers operating in the state must buy insurance through a state agency. I am not a huge fan of Monopolistic States.
States such as West Virginia and Nevada successfully converted from monopolistic funds to a competitive marketplace. The results were always successful including a reduction in premiums.
Regardless, the video below is well worth the time. All Workers Comp rating bureaus including NCCI (National) WCIRB (California) use the same concept for rate setting.
The Washington L&I website can be found here. I have been in contact with the L&I over the years. They have always been very helpful in locating information.
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