Insurance Commissioner Dave Jones on Tuesday issued a decision on the Workers’ Compensation Insurance Rating Bureau’s July 1 pure premium rate filing that was submitted in April.
Jones approved new advisory pure premium rates that average $2.49 per $100 of payroll.
An insurer may use the advisory pure premium rates as one of the components upon which its filed rates are based.
“The Commissioner made a responsible decision not to ignore the increasing systemic costs,” Mark Sektnan, ACIC president, said in a statement. “Now each insurer will look at their book of business and decide the appropriate rate that balances the needs of a competitive marketplace and their individual claims expenses.”