The California Department of Insurance announced that it will hold a public hearing on Oct. 5 to consider the Workers’ Compensation Insurance Rating Bureau’s Jan. 1, 2018 pure premium rate filing.
The filing was submitted to the CDI on Aug. 18. The WCIRB has proposed advisory pure premium rates that average $2.01 per $100 of payroll.
That WCIRB’S proposed rate is 14.3 percent less than the corresponding industry average filed pure premium rate of $2.34 as of July 1, 2017, and 0.5 percent more than the average approved July 1, 2017 advisory pure premium rate of $2.
The proposed increase follows five consecutive advisory pure premium rate decreases since early 2015 that have totaled more than 27 percent.
The proposed advisory pure premium rate level for Jan. 1, 2018, while slightly above the average approved July 1, 2017 pure premium rate, is more than 7 percent below the average Jan. 1, 2017 advisory pure premium rate, according to the WCIRB.
The CDI hearing will be held at 10 a.m. at 45 Fremont St. on the 22nd floor hearing room in San Francisco, Calif.
Additional information concerning the hearing is contained in the notice of proposed action and notice of public hearing posted on the WCIRB website.
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