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
Was this article valuable?
Here are more articles you may enjoy.
Electric Bills in Coal Country West Virginia Now Top Mortgage Payments 
State Farm Agrees to $15M Settlement for Underpaid Vehicle Claims 
Ex-CEO, Ex-CFO of Bankrupt AI Company Charged With Fraud 
Amish Mother and 6 Children Killed in Explosion and Fire at Pennsylvania Home 
