The Workers' Compensation Insurance Rating Bureau (WCIRB) made its Pure Premium Rate Filing to the California Department of Insurance (CDI) recently.
According to the filing, the WCIRB recommended pure premium rates that average $2.26 per $100 of payroll, reflecting an 11% lesser rate compared to the industry average filing for last July 1 of this year.
The proposed reduction in the pure premium rate filing for the start of 2017 adheres to a 5% reduction upheld by the California Insurance Commissioner effective July 1, 2016.
The reduction was due to the easing in medical losses, lower than projected medical claim costs for last year, quicker settling times of indemnity claims, and forecast wage level growth in California.
Copies of the filing are available on www.wcirb.com/content/january-1-2017-regulatory-and-pure-premium-rate-filing.
The CDI will set a public hearing to consider the merits of the filing. Pertinent documents will be posted on the abovementioned web page.