WCIRB Committee Voted To Increase Pure Premium Rate

                               Sacramento, CA (CompNewsNetwork) - On August 18, 2010, the WCIRB submitted a pure premium rate filing to the California Insurance Commissioner recommending among other things a 29.6% increase in pure premium rates or "claims cost benchmark" effective January 1, 2011. In the filing, the WCIRB advised the department that it would review accident year experience valued as of June 30, 2010 once it became available, and if appropriate, amend the proposed pure premium rates.

Earlier today, the WCIRB Governing Committee adopted a recommendation made by the Actuarial Committee on
September 8, 2010 that the January 1, 2011 pure premium rate filing and underlying loss projection methodologies be amended to reflect the June 30, 2010 accident year experience. Based on the analysis of this June 30 experience, the WCIRB will amend its filing to propose a 27.7% increase in the claim cost benchmark in lieu of the 29.6% filed on August 18, 2010.

The August 18, 2010 filing also contains proposed changes to the standard classifications for (a) consulting engineers, (b) land surveyors, (c) oil or gas geologist or scouts and (d) geophysical exploration. After gathering additional information concerning these proposed changes, the Classification and Rating Committee recommended, and the Governing Committee approved, that the WCIRB amend the filing to withdraw these proposed classification changes, and instead, propose only the inclusion of clerical office employees and outside salespersons in Classification 8601,
Engineers - consulting

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