The bill amends Wyoming's worker's compensation law to ensure that coverage premiums and rates remain competitive with national averages. Specifically, it establishes that from January 1, 2024, to December 31, 2028, the rates for worker's compensation coverage shall not exceed the average of the bottom one-third of national state coverage rates. If adhering to this average is not actuarially sound, the rates will instead be capped at the average national rate for no more than two years. The Department of Workforce Services is tasked with determining these national coverage rates by state.

Additionally, the bill mandates that the worker's compensation program remains self-supporting and allows for annual adjustments to employment classifications based on actuarial determinations. Employers have the right to contest their classifications, with the burden of proof resting on the division. The act is set to take effect immediately upon completion of legislative processes, with the specific provisions regarding rates becoming effective on January 1, 2024.

Statutes affected:
Introduced: 27-14-201