California Insurance Commissioner Harry Low issued his ruling on all matters included in the WCIRB’s Jan. 1, 2003 pure premium rate filing (File No. RH 02022520.) The Commissioner approved a 10.5 percent increase in pure premium rates applicable to policies with anniversary rating dates in 2003. The WCIRB had filed for an average 13.4 percent increase.
Other highlights of the ruling include:
The Commissioner approved a 4.9 percent increase in the pure premium rates effective Jan. 1, 2003, applicable to the unexpired terms of new and renewal policies with normal anniversary dates on or after Jan. 1, 2002. (The WCIRB proposed an increase of 5.9 percent).
An increase in the experience rating eligibility threshold to $33,200 was approved.
Proposed changes to the Uniform Statistical Reporting Plan and the Experience Rating Plan were approved.
The WCIRB will advise its members within the next few days of the details of the Ruling, as well as any special procedures with respect to any insurer rate changes applicable to in-force 2002 policies.
The WCIRB will also commence computing 2003 experience ratings, and anticipates that the vast majority of the first quarter 2003 ratings will be promulgated and released within 10 to 15 working days.
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