The WCIRB has submitted a filing with the California Department of Insurance (CDI) recommending that pure premium rates be increased by 10.6 percent effective July 1, 2003 for new and renewal policies with anniversary rating dates on or after July 1, 2003. In his letter accompanying the filing, WCIRB president Robert Mike noted that in the six months since pure premium rates were approved, medical loss experience has continued to deteriorate to the extent that the approved pure premium rates are now significantly inadequate.
The WCIRB filing also contains proposed changes to the Uniform Statistical Reporting Plan and the Experience Rating Plan. These changes address the treatment of premium charges and certified losses related to the Terrorism Risk Insurance Act of 2002. A change in the experience rating eligibility threshold to reflect the recommended increase in pure premium rates is also proposed.
The CDI will hold a public hearing regarding this filing on May 8, 2003.
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