The California Workers’ Compensation Insurance Rating Bureau’s governing committee on Wednesday voted to amend the WCIRB’s Jan. 1, 2018 pure premium rate filing that has already been submitted to the insurance commissioner.
The vote to amend the filing was based on the actuarial committee’s review of recently available June 30 loss experience, which showed lower than anticipated loss development in the second quarter.
The WCIRB anticipates amending its filing to propose advisory pure premium rates that average $1.96 per $100 of payroll in lieu of pure premium rates that averaged $2.01 per $100 of payroll, which were proposed in the August 18 filing. The amended proposed pure premium rates are on average 2 percent less than the average approved July 1 advisory pure premium rate of $2 and 16.1 percent less than the industry average filed pure premium rate of $2.34 as of July 1.
The amended filing is expected to be submitted to the insurance commissioner within the next week. The California Department of Insurance has scheduled a public hearing on Oct. 5 in San Francisco to consider the WCIRB’s filing.
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