Posted on 27 Apr 2009
Late last week, the Workers' Compensation Insurance Rating Bureau of California reported that it would seek approval for a 23.7% rate increase as of July 1.
The proposed rate increase is a downward adjustment from a 24.4% increase the San Francisco-based advisory organization announced in March that it would ask the California Department of Insurance to approve. The revision is due to a change in financial data that an unnamed insurer writing workers comp in the state previously submitted, the WCIRB said in a statement.
Under California's voluntary workers comp rating system, the WCIRB can propose rates, which the California Department of Insurance may accept or modify; but insurers are not required to follow the department's recommendations.
A public hearing on the WCIRB's rate request will be held April 28 by the state insurance department in San Francisco.