At the California Department of Insurance (CDI) public hearing on May 13, the WCIRB submitted its July 1, 2004 regulatory filing reflecting the WCIRB’s analysis of the provisions of Senate Bill 899 (SB 899) and the impact of those provisions on advisory pure premium rates.
In its filing, the WCIRB estimated that the provisions of SB 899 that are currently effective will reduce projected statewide benefit costs by approximately 15 percent, or $3.0 billion, and loss adjustment expenses by approximately 9 percent, or $0.3 billion.
Based on this projected reduction in benefit costs, the WCIRB proposed advisory pure premium rates that are approximately 13 percent to 15 percent less than the January 1, 2004 pure premium rates proposed by the WCIRB in its November 3, 2003 filing letter. These rates are 2.9 percent less than the January 1, 2004 approved pure premium rates.
Click the link below to view the WCIRB’s complete filing. All WCIRB regulatory filings may be viewed by visiting www.wcirbonline.org/filings.
http://wcirbonline.org/resources/rate_filings/pdf/2004_07_01_filing.pdf
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
