A state government report indicates a vibrant competitive market for workers' compensation insurance would be created if voters approve Initiative 1082.
The Office of Financial Management released its Fiscal Impact Statement yesterday analyzing Initiative 1082 as part of the state Voters' Guide process.
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Aug. 11, 2010 at 12:17pm State report predicts vibrant private market if I-1082 is approvedOFM predicts private insurers would acquire slightly more than half of the workers' compensation market by 2014 as businesses flee the existing state-run monopoly. With a reduced case load, "… state expenditures for claims costs will correspondingly decrease," according to the report. The report estimates 320 insurers and as many as 500 insurance agents and brokers would ultimately be licensed by the state to sell workers' compensation insurance if private competition is allowed. That new business activity is expected to generate at least $20 million in annual tax revenue to support the state's general fund budget. Plenty more in the Archives The comments function of the Business Examiner community is meant to encourage conversations and spark ideas about business issues in the South Sound. The feature is free and open to members of the public who register basic log in information. Comments should be concise, on topic and avoid attacks, profanity or abusive language or content. Comments that are deemed to violate this policy will be removed.
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