The Workers’ Compensation Insurance Rating Bureau of California Governing Committee submitted a rate filing to the California Department of Insurance recommending a 11.3 percent decrease in advisory pure premium rates. If approved, the rate reduction would take effect July 1, 2007, and apply to on new and renewal policies with anniversary rating dates on or after July 1, 2007.
The recommended decrease in pure premium rates is based on an analysis of loss experience valued as of Dec. 31, 2006, WCIRB said in a statement.
The filing also included proposed amendments to the “California Workers’ Compensation Uniform Statistical Reporting Plan — 1995” and to the “California Workers’ Compensation Experience Rating Plan — 1995,” including changes to expected loss rates.
Insurers, agents and brokers, and policyholders should be aware that the issuance of experience modifications with effective dates of July 1, 2007, and beyond will be delayed pending approval by the Insurance Commissioner of new July 1, 2007, expected loss rates, WCIRB said. Once the expected loss rates have been approved, the WCIRB will commence issuing the July 1, 2007, and later experience modifications.
A public hearing on WCIRB’s filing is scheduled for May 3, 2007, at 10 a.m. in the 22nd Floor Hearing Room at 45 Fremont Street in San Francisco.
The complete filing and related information is located in the “filings” section of the WCIRB Web site at https://wcirbonline.org/.
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