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Garamendi Announces Downward Trend in California Workers' Comp Rates
West News • July 13, 2004
Insurance Commissioner John Garamendi announced that received workers' compensation rate filings illustrate a downward trend, but still fall short of his pure premium rate advisory of -20.9 ...
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| Subject | Posted By | Posted On |
|---|---|---|
| Rate increase just announced | Mike Brennan | Jul 26, 2004, 6:28 pm |
| RE: Garamendi intends to further reduce SCIF commissions | GW | Jul 15, 2004, 11:17 am |
| Garamendi intends to further reduce SCIF commissions | Gregory Osorio, ARM | Jul 14, 2004, 4:31 pm |
| Back to article | ||
Subject: Garamendi intends to further reduce SCIF commissions
(page 3, last paragraph) as well as the footnote on last page of report that reflects that recommended reduction in commission would be 2%. So instead of the 5.5% commission (almost 1/2 the industry standard), brokers would now only receive 3.5%. Somehow the logic is flawed as well as a recognition of:
1. Services good brokers bring to the table, and
2. SCIF's complete inability to adequately service business owners (insureds) if brokers were taken out of the equation.
Either way brokers ahd better pay attention and take action or else this might slip through.