November 27, 2008

COLUMBIA, S.C. (AP) -- South Carolina businesses may see a break on workers' compensation rates next year.

The National Council on Compensation Insurance told state regulators this week that a key element in setting rates should be reduced by 0.3 percent. The council's filing on loss statistics with the South Carolina Department of Insurance is a key element in insurer rate filings.

Amy Quinn is NCCI's representative in South Carolina and said Wednesday the lower losses show a decrease in how often people are injured at work, which offsets medical cost increases.

The last NCCI loss cost reduction was 10.4 percent in 2001. NCCI wanted a nearly 24 percent increase last year, but that increase was cut to just under 10 percent before it went into effect in July.

(Copyright 2008 by The Associated Press. All Rights Reserved.)