Higher claims experience and a new law will likely cause a double-digit rise in Missouri's workers' compensation rates next year, a new report says.
The National Council on Compensation Insurance says that, in addition to a 7.6 percent rise in claims costs, rates will be impacted by a new law that shifts some type of injury claims from a so-called "Second Injury Fund" to the main fund. NCCI estimates that the law will raise annual costs an additional 3 percent.
Moreover the new law allows state officials to impose an additional 3 percent surcharge on workers' comp premiums in 2014 to help replenish the Second Injury Fund.
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