Insurance Commissioner Dave Jones on Tuesday issued a decision on the Workers’ Compensation Insurance Rating Bureau’s July 1 pure premium rate filing that was submitted in April.
Jones approved new advisory pure premium rates that average $2.49 per $100 of payroll.
An insurer may use the advisory pure premium rates as one of the components upon which its filed rates are based.
“The Commissioner made a responsible decision not to ignore the increasing systemic costs,” Mark Sektnan, ACIC president, said in a statement. “Now each insurer will look at their book of business and decide the appropriate rate that balances the needs of a competitive marketplace and their individual claims expenses.”
Was this article valuable?
Here are more articles you may enjoy.
Judge Awards Applied Systems Preliminary Injunction Against Comulate 
BMW Recalls Hundreds of Thousands of Cars Over Fire Risk 
World’s Growing Civil Unrest Has an Insurance Sting 
Florida Engineers: Winds Under 110 mph Simply Do Not Damage Concrete Tiles 
