State Fund Switching to Tiered Rating in September

By Greg Jones, Western Bureau ChiefState Compensation Insurance Fund will institute a tiered rating structure for policies beginning or renewing on or after Sept. 1 that the carrier says will more closely align workers’ compensation premiums to California employers’ experience and risk profiles.State Fund said underwriters will be able to start providing quotes under tiered rating on Aug. 1.State Fund currently has a narrow pricing range, based on an average of the policyholder’s risk profile and claims experience. The result is that employers who have fewer claims pay higher...