Insurance group points to 49 percent drop in premiums in Texas

A state insurance trade association credits legislative reforms for the "state with the most improvement in premium costs since 2010."

The Insurance Council of Texas says reforms passed in 2005 have resulted in a 49 percent drop in workers' comp premiums.

The average premium per $100 of payroll in 2011 was $1.38, down from $2.70 in 2010. The ICT says H.B. 7, along with earlier legislation, improved the efficiency of the state's workers' comp system.

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H.B. 7 was landmark legislation for the workers' compensation insurance system, said Steve Nichols, ICT workers' comp manager. "The legislation directly addressed the problems the workers' compensation system faced, and the results have been an overall reduction in rates, costs, disputes, and claims."

ICT says H.B. 7 provided for the use of health care networks, strengthened medical treatment guidelines, placed a greater emphasis on return to work, and restructured the workers' comp agency.

Read more at the WorkersComp Forum homepage.

November 1, 2012

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