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Texas Department of Insurance announced in a statement last week that starting April 1 any interest and/or discount provided in workers compensation claims will be at the rate of 4.14%.
The rate will be in effect until June 30, the department stated.
According to businessinsurance.com, the rate was calculated using the treasury constant maturity rate for one-year treasury bills issued by the government. An additional 3.5% was accounted for, as required by the state’s Labor Code.
Previously, the interest rate and discount rate was 4.19% for the period between January 1 and March 31.
