What happens when legislature enacts an insurance reform bill that results in rates being cut by 50 percent over a five-year period? Lawmakers leave the line of insurance alone. Such was the case in the 2008 legislative session when lawmakers all but ignored workers' compensation except for a few minor changes that will likely go unnoticed by employers and carriers.

The success of the 2003 reforms have become so ingrained in the market that they almost seem surreal, given the dramatic fall in rates and the hyper competitive posture adopted by carriers. Employers' rates have been cut by more than half, including the 18.4 percent decrease — the statewide average — that took effect this year, which translated to a collective savings of $700 million.

National Council on Compensation Insurance (NCCI) Representative Lori Lovgren noted that few workers' compensation bills crossed her desk, which was to be expected, given the current market environment. NCCI generally has the task of estimating the financial impact of any significant legislative changes. "Given the downward changes in rates, it makes sense that they would leave it alone," she said.