Event Details

Industrial Insurance Premium Rates, 2023

Public Hearing on Proposed Rules
Wednesday, October 26, 2022
10 a.m.

Location

To join on your computer or mobile app (Zoom):
https://lni-wa-gov.zoom.us/j/4283482697
Meeting ID: 428 348 2697

To join by phone (audio only):
1-253-215-8782 US (Tacoma)
Meeting ID: 428 348 2697

The hearing will start at 10:00 a.m. and continue until all oral comments are received.

L&I encourages the submittal of written comments, due by 5:00 p.m. on October 28, 2022.

Public hearings held virtually have proven effective in allowing greater public access, eliminating the burden of physical travel, and maintaining public safety. Accordingly, this public hearing will not be held in person.

Purpose

The proposed rule amends the tables of classification base premium rates, experience rating plan parameters, and experience modification factor calculation limitations for the workers’ compensation insurance program for calendar year 2023. Classification base rates were updated to align with expected losses. The department proposes a 4.8% overall average premium rate change. Washington employers continue to deal with uncertainties associated with the pandemic and the global economy. In light of that, L&I is proposing an overall average rate increase of 4.8% to ensure adequate premiums to cover expected costs of 2023 claims. This increase is below the indicated break-even rate and consistent with our rate-making principle of keeping rates steady and predictable. This rate increase is required to partially account for two consecutive years of higher-than-normal increases in the state’s average wage. The department is able to minimize the increase for this upcoming year due to the ongoing efforts to gradually increase the workers’ compensation contingency reserve (surplus).