THURSDAY, SEPTEMBER 16, 2010
The Workers' Compensation Insurance Rating Bureau of California announced it will be amending its recommended rate filing to the state insurance commissioner, recommending a 27.7 percent increase in the claim cost benchmark, instead of a 29.6 percent increase in the benchmark, or pure premium rates, it requested in August.
On Aug.18, 2010, the WCIRB submitted a pure premium rate filing to California Insurance Commissioner Steve Poizner recommending among other things a 29.6 percent increase in pure premium rates effective Jan. 1, 2011, based on accident year experience as of March 31, 2010. Gov. Arnold Schwarzenegger and Insurance Commissioner Steve Poizner criticized the recommendation, saying it would pose a hardship on employers, especially during an economic slump.
In the filing, the WCIRB advised the department that it would review accident year experience valued as of June 30, 2010 once it became available, and if appropriate, amend the proposed pure premium rates.
Posted 3:48 PM
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