Industrial Insurance Premium Rates, 2024
Public Hearing on Proposed Rules
Friday, October 27, 2023
CenterPlace Event Center – Auditorium
2426 Discover Pl
Spokane Valley, WA 99216
The hearing will start at 9:00 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 31, 2023.
The purpose of this rulemaking is to establish premium rates and experience rating parameters for calendar year 2024. L&I adopted a 4.9% overall average premium rate increase to workers’ compensation insurance premium rates beginning January 1, 2024, and adjusting each industry risk classification rate to align with expected losses. Washington law provides that rates should be adjusted annually to reflect the hazards of each industry and in accordance with recognized workers’ compensation insurance principles and to ensure solvency of the accident, medical aid, and supplemental pension funds. The adoption is also notice that the Director intends to transfer the amount of the accident and medical-aid funds combined that exceed 10% of funded liabilities as required by RCW 51.44.023. The adoption also repeals WAC 296-17-871 Director’s discretion for incurred losses on claims with vocational plans, as this rule became obsolete with the 2015 amendment to RCW 51.32.096 Vocational rehabilitation benefits and options – Advisory committee – Procedures – Requirements – Definitions – Costs. The amendment to RCW 51.32.096 clarified that the vocational costs paid from the medical aid fund may not be charged to the State Fund employer’s cost experience, which was the intent of WAC 296-17-871 when created in 2010.