Last week, California Insurance Commissioner John Garamendi recommended
a 15.3 percent drop in the pure premium rate for policies incepting
Jan. 1, 2006. The commissioner’s recommendation was just shy of
the 15.9 percent decrease that the Workers’ Compensation Insurance
Rating Bureau (WCIRB) recently recommended to the commissioner.
Including
this latest rate decrease, since July 2003 the commissioner has
recommended reductions totaling 46.2 percent, based on savings from the
recent reforms of the California workers’ comp system. According
to the commissioner’s office, however, insurers have so far passed
along only 26.7 percent of these savings to employers during that same
period.
Join us this fall in San Francisco for the California Employment Law Update conference, a 3-day event that will teach you everything you need to know about new laws and regulations, and your compliance obligations, for the year ahead—it’s one-stop shopping at its best.