View this article online: https://www.insurancejournal.com/magazines/mag-features/2015/11/02/386433.htm
California Insurance Commissioner Dave Jones approved workers’ compensation rates for 2016 that are 2 percent below the average approved in July.
The Workers’ Compensation Insurance Rating Bureau submitted its Jan. 1, 2016, pure premium rate filing to the California Department of Insurance on Aug. 19. A public hearing regarding the filing was held on Sept. 22, 2015.
Jones approved advisory pure premium rates that average $2.42 per $100 of payroll. The approved pure premium rates are on average 9.0 percent less than the industry average filed pure premium rate as of July 1, 2015, of $2.66 and 2 percent less than the average of the approved July 1, 2015, advisory pure premium rates of $2.47, according to the WCIRB.
The approved advisory pure premium rates are effective Jan. 1, 2016, for new and renewal policies.