WCIRB Testifies That Reform Savings Have Run Their Course

Officials with the Workers’ Compensation Insurance Rating Bureau of California, testifying in support of a recommendation to increase the advisory pure premium rate by 7.6%, said savings from reforms passed nearly a decade ago have run their course. But while the benefits from reforms enacted in 2013 and subsequent years are waning, WCIRB officials testifying during the Insurance Department hearing on the rate recommendation Tuesday also noted that average charged rates are at a 50-year-low. And even if the insurance commissioner approves the recommended increase, rates for policies...