In recognition of the cost impact of the new Permanent Disability Rating Schedule adopted pursuant to Senate Bill No. 899, California’s Workers’ Compensation Insurance Rating Bureau Governing Committee approved the amendment of the WCIRB’s July 1, 2005 Regulatory Filing. In lieu of the 10.4 percent reduction originally proposed in March, the WCIRB will recommend a 13.8 percent reduction in pure premium rates effective July 1, 2005.
In addition, the WCIRB will recommend a 3.8 percent reduction in the pure premium rates effective July 1, 2005 with respect to the outstanding portion of policies incepting January 1, 2005 through June 30, 2005.
The WCIRB will amend its Regulatory Filing to reflect these recommendations and submit the amended filing to the insurance commissioner at a public hearing on May 19, 2005.
Documents related to the July 1, 2005 Regulatory Filing may be viewed and printed from the Filings section of the WCIRB Web site. The amended filing will be available May 19, 2005.
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