SPOTLIGHT: WORKERS’ COMP REFORM NEEDED TO REDUCE PREMIUM RATES

The following op-ed was by ITLA President Mark D. Prince was published in the Peoria Journal Star on January 5, 2019.

Spotlight: Workers’ comp reform needed to reduce premium rates

In the span of less than a decade, the price paid by Illinois employers for workers’ compensation insurance dropped from third highest in the nation, as compared to other states, down to 22nd on the list.

That steep decline in relative workers’ comp premiums tracked with the implementation of a 2011 state law passed at the urging of the state’s business community and intended to cut workers’ comp costs.

But you won’t hear insurance companies and their legislative allies point to this state’s much improved position on the nationally respected ranking of premium rates conducted by Oregon regulators. In their zeal to maximize profits, they would instead have you believe that workers, who already sacrificed long-standing rights as part of the 2011 overhaul, must …..(click here to read the full article).