The Workers’ Compensation Insurance Rating Bureau on Friday submitted an amended Jan. 1, 2018 pure premium rate filing to the California Department of Insurance.
The amended filing was based on the WCIRB’s recent review of June 30 loss experience, which indicated lower than projected indemnity and medical loss development in the second quarter. As a result, on Sept. 6, the WCIRB governing committee authorized the submission of an amended filing to the CDI.
The amended filing proposes advisory pure premium rates to be effective Jan. 1, 2018 that average $1.96 per $100 of payroll in lieu of pure premium rates, which averaged $2.01 per $100 of payroll that were proposed in the original Aug. 18 filing. These amended proposed pure premium rates are on average 2 percent less than the average approved July 1 advisory pure premium rate of $2.00 and 16.1% less than the industry average filed pure premium rate of $2.34 as of July 1.
The Insurance Commissioner has scheduled a public hearing to consider the WCIRB filing. The hearing will be held on Oct. 5 at 10 a.m. at 45 Fremont St. on the 22nd floor hearing room in San Francisco.
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- Report: Written Premiums for California Comp Insurers to be Flat Through 2017
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