California Insurance Commissioner Ricardo Lara issued a decision regarding the workers’ compensation insurance pure premium rate filing that average $1.46 per $100 of payroll, 2.6% below the average of the approved September 1, 2022 advisory pure premium rates.
The Workers’ Compensation Insurance Rating Bureau of California submitted its September 1, 2023 pure premium filing to the California Department of Insurance on April 28. The WCIRB proposed advisory pure premium rates in its filing that are 0.3% above the approved September 1, 2022 advisory pure premium rates.
The CDI held a public hearing regarding the filing on June 7.
The difference between the WCIRB proposed and CDI approved advisory pure premium rates is due to different assumptions regarding loss development, claim frequency and claim severity trends, according to the WCIRB.
Topics California Workers' Compensation
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