WCIRB Submits Evaluation for SB899, Proposed Reduction in Pure Premium Rates
At Thursday’s California Department of Insurance (CDI) public hearing, the Workers’ Compensation Insurance Rating Bureau (WCIRB) submitted its July 1, 2004 regulatory filing reflecting the WCIRB’s analysis of the provisions of Senate Bill 899 (SB 899) and the impact of those provisions on advisory pure premium rates.
In its filing, the WCIRB estimates that the provisions of SB 899 that are currently effective will reduce projected statewide benefit costs by approximately 15%, or $3.0 billion, and loss adjustment expenses by approximately 9%, or $0.3 billion.
Based on this projected reduction in benefit costs, the WCIRB proposed advisory pure premium rates that are approximately 13% to 15% less than the Jan. 1, 2004 pure premium rates proposed by the WCIRB in its Nov. 3, 2003 filing letter. These rates are 2.9% less than the Jan. 1, 2004 approved pure premium rates.
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme
- DraftKings Sued Over ‘Risk-Free’ Bets That Were Anything But
- Jury Awards $80M to 3 Former Zurich NA Employees for Wrongful Termination
- Work Safety Group Releases List of ‘Dirty Dozen’ Employers
- Mother of 8-Year-Old ‘Violently Sucked’ into Houston Hotel Pool Files Wrongful Death Suit
- CoreLogic Report Probes Evolving Severe Convective Storm Risk Landscape
- California Sees Two More Property Insurers Withdraw From Market
- Millions of Recalled Hyundai and Kia Vehicles, With Dangerous Defect, Remain on Road