Insurance Commissioner Dave Jones signed on to a recommendation by the California Workers’ Compensation Insurance Rating Bureau of an advisory pure premium rate for July that is 10.2 percent lower than those approved on Jan. 1.
Jones issued his decision on Thursday regarding the WCIRB’s July 1 pure premium rate filing, which was submitted to the California Department of Insurance on April 6. The WCIRB cited lower medical loss development, as well as indemnity and medical severities that continue to be below expectations, for the reduction.
A public hearing regarding the filing was held on April 30.
Jones approved the WCIRB’s proposed pure premium rates that average $2.46 per $100 of payroll. The approved pure premium rates are on average 5.0 percent less than the industry average filed pure premium rate as of Jan. 1 of $2.59 and 10.2 percent less than the average of the approved Jan. 1 pure premium rates of $2.74, according to the WCIRB.
The approved advisory pure premium rates are effective July 1, 2015 for new and renewal policies.
Topics California Workers' Compensation
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