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New Workers' Comp Rates

July 23rd, 2008

Increases in rates for the Missouri Alternative Residual Market approved by the Department of Insurance, Financial Institutions and Professional Registration took effect July 1. Rate changes varied across the classes with an overall increase of 3.8 percent. At the request of MAIA, the filing also included a commission increase for producers. The prior commission schedule was 5 percent for the first $1,000 in premium and 3 percent thereafter. The new schedule, which also took effect on July 1, has four tiers. 8% for the first $1,000 in premium,  5% for the next $4,000 in premium, 3% for the next $95,000 in premium, and 2% for any premium over $100,000.