Helena, Mont.-Montana securities and insurance auditor Troy Downing has approved a reduction in the cost of employee compensation losses.
The average decline, which comes into effect on July 1, 2021, is 14.6 percent compared to 8.1 percent in the previous year. That decline is 17.2 percent, the largest since 2019. The Montana State Fund and private insurers use the approved lost costs to determine the prices Montana companies pay for employee compensation insurance.
“This is great news for companies in Montana that are already struggling with the Covid 19 lockdown and economic uncertainty. Lower insurance costs mean Montana companies are more nationally competitive, able to raise wages and pass savings on to customers. “ Downing goes on to say: “My administration is focused on lowering insurance prices across the board to help businesses, employees and consumers thrive.”
The National Council on Compensation Insurance submitted the 14.6% decline and Commissioner Downing approved it. This decrease will take effect on July 1, 2021.
Troy Downing was elected Commissioner of Securities and Insurance to the Montana State Auditor in 2020. Commissioner Downing is a veteran, businessman, and entrepreneur fighting two tours.
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February 09, 2021 at 6:46 AM GMT
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