Kentucky Employers’ Mutual Insurance to File for 5% Rate Reduction
Kentucky Employers’ Mutual Insurance (KEMI), the largest workers’ compensation insurer in Kentucky, announced that it plans to file for an overall rate reduction of 5 percent effective Jan. 1, 2015.
KEMI said Thursday the plan was approved by its board of directors and will be submitted to the Kentucky Department of Insurance for review and approval.
In addition, KEMI said it will issue a dividend for current policyholders who meet eligibility criteria for the 2011 policy year. Dividend payments are currently being calculated and will reward KEMI policyholders who have demonstrated their commitment to workplace safety and effective claims management. Qualifying policyholders will receive a dividend amounting to 5 percent of their 2011 policy year premium, according to the announcement.
“These returns are a result of employers and employees working together with KEMI to build safer workplaces,” said Jon Stewart, president and CEO of KEMI. “While many of our policyholders will reinvest this money for new safety initiatives, we also believe our actions will help businesses grow and boost Kentucky’s economy,” Stewart said.
KEMI is the largest provider of workers’ comp insurance in Kentucky, providing coverage to more than 23,000 policyholders in all 120 counties of the state.
Source: Kentucky Employers’ Mutual Insurance
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