The Tennessee Department of Commerce and Insurance (TDCI) has announced a decrease in workers’ compensation insurance premiums for most businesses in the state for the 12th consecutive year in 2025. Governor Bill Lee expressed pride in the rate reduction, highlighting that it provides business owners with the flexibility to reinvest in their companies. He also acknowledged the efforts of the Department of Commerce and Insurance in serving the residents of Tennessee.
On December 27, 2024, TDCI Commissioner Carter Lawrence approved an order for a 3.6% overall loss cost decrease for the voluntary market, effective March 1, 2025, for new and renewal policies. This adjustment enables insurance carriers to combine the National Council on Compensation Insurance (NCCI) loss cost filings with their company-specific experience and expenses to formulate the insurance premiums for the upcoming year.
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Since the commencement of workers’ compensation system reforms in Tennessee in 2014, employers have benefited from significant savings due to these consistent loss cost reductions. Commissioner Lawrence attributed the reduction to safer workplaces and fewer job-related injuries. He noted that the decrease in lost time claim frequency and the stabilization of claims costs indicate a healthier workplace environment for Tennessee workers.
For more details, the order approving the rate decrease can be accessed here.
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TennCare Allocates Grants to Psychiatric Hospitals
TennCare, Tennessee‘s Medicaid program, is providing $1.5 million annually over two years to ten psychiatric hospitals for infrastructure improvements, workforce development, and enhanced clinical services. The initiative, part of the TennCare III Medicaid waiver, aims to improve care for TennCare members facing psychiatric crises. TennCare’s director, Stephen Smith, emphasizes the program’s role in enhancing mental health services, supported by state leadership. TennCare serves over 1.4 million Tennesseans, offering health insurance to various vulnerable groups. More details are available on their official website: TennCare.