SANTA FE, N.M. (AP) — New Mexico insurance regulators are reducing a key component in rates for workers’ compensation coverage that should help employers spend less, starting next year.
The Superintendent of Insurance Office on Monday announced a 5.5% reduction in “loss costs” for insurance policies that are renewed or issued on or after Jan. 1, 2022. Workers’ compensation is a no-fault system of insurance aimed at protecting workers and employers financially from on-the-job accidents as well as job-related illness.
Insurance regulators said that compensation claims are being filed less frequently than in the past, reflecting a commitment to safety.