Insurance Commissioner Harry W. Low announced the approval of California’s advisory pure premium rate for workers’ compensation insurance, approving an increase of 10.2 percent in the advisory pure premium rate. The rate increase was recommended by the Workers’ Compensation Insurance Rating Bureau (WCIRB); a public hearing on the matter was held on Sept. 26.
Low said the rate increase was unanimously supported by the public members of the Workers’ Compensation Insurance Rating Bureau’s governing committee, adding that he planned to work actively with all those involved to ensure California has a fair and viable workers’ compensation market.
The system of open rating that began in California in 1995 does not give the Insurance Commissioner the authority to set rates for workers’ compensation. However, it does give the Commissioner the responsibility to provide the insurance industry with the information it needs to set appropriate rates.
Topics California Workers' Compensation
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