On July 28, 2005, the WCIRB submitted a filing to the California Department of Insurance (CDI) recommending, among other things, a 5.2 percent reduction in pure premium rates effective Jan. 1, 2006. Earlier today, the WCIRB Governing Committee approved an amendment to the July 28, 2005 filing to instead propose a 15.9 percent decrease in pure premium rates effective Jan. 1, 2006.
The amended filing reflects an evaluation of June 30, 2005 loss experience and a re-evaluation of the potential cost impact of the Jan. 1, 2005 permanent disability rating schedule based on newly available information. If approved, the Jan. 1, 2006 pure premium rates will be, on average, 47 percent lower than the approved July 1, 2003 pure premium rates.
The WCIRB will submit the amended filing to the CDI on or around Sept. 16, 2005. Once the amended filing has been submitted to the CDI, it will be available in the filings section of the WCIRB Web site. (www.wcirbonline.org/filings) The public hearing will be held Sept. 16, 2005 at 9:30 a.m. in the California Department of Insurance Public Hearing Room, 45 Fremont Street, 22nd Floor, San Francisco, California.
Topics Trends California Pricing Trends
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