Posted on 09 Aug 2010
The Workers Compensation Insurance Rating Bureau of California has announced its actuaries are recommending starting the new year with an increase of nearly 30% in workers compensation policies.
The recommendation Wednesday by the WCIRB’s actuarial committee must be approved by the governing committee before it goes to the California Department of Insurance for approval or disapproval.
WCIRB's governing committee is scheduled to meet Aug. 11 to vote on the matter, a spokesman said.
Increasing medical costs and the Department of Insurance’s past rejections of rate increases resulted in the need for an approximately 30% increase, the spokesman added.
Last year the Department of Insurance rejected the WCIRB’s call for a workers comp insurance rate increase of nearly 24 percent.