WCIRB Amends Jan 1, 2011 Pure Premium Rate Filing

                               San Francisco, CA (CompNewsNetwork) - On August 18, 2010, the WCIRB submitted a pure premium rate filing to the California Insurance Commissioner proposing a 29.6% increase in the overall pure premium rate level, or "claims cost benchmark", effective January 1, 2011. In the August 18, 2010 filing, the WCIRB advised the Commissioner that it would review accident year experience valued as of June 30, 2010 when it became available and would amend the filing if appropriate.

The WCIRB has completed its review of statewide June 30, 2010 experience and today amended its January 1, 2011 filing to propose a change in the claims cost benchmark of +27.7% in lieu of the +29.6% reflected in its August 18, 2010 filing. The 1.9 percentage point decrease in the proposed change in the claims cost benchmark from that reflected in the August 18, 2010 filing is due primarily to a modification to the WCIRB's methodology following receipt of updated information on claim frequency and revised claims count information subsequent to the August 18, 2010 filing that more than offset an approximately 3 percentage point deterioration in loss experience between March 31, 2010 and June 30, 2010.

In addition, the WCIRB has withdrawn a proposal to establish Classification 8602 for land surveyors, oil or gas geologists or scouts, and geophysical exploration.

A public hearing on the matters contained in the WCIRB's filing will be held October 12, 2010 at 1:00 PM in the 22nd Floor Hearing Room at the California Department of Insurance office located at 45 Fremont Street in San Francisco, California.

Read More

Request a Demo

To request a free demo of one of our products, please fill in this form. Our sales team will get back to you shortly.