Employers, Insurers Say Pure Premium Rate Process Back on Track

By Greg Jones, Western Bureau ChiefStakeholders say California Insurance Commissioner Dave Jones set the pure premium ratemaking process back on track by approving the first proposed claims cost benchmark in three years, providing insurers and employers information they need on what is happening in the state's market.On Nov. 4, Jones approved an advisory claims cost benchmark, or average pure premium rate, of $2.30 per $100 of payroll. The rate, which is an average of 490 classification codes, is a little lower than the $2.33 recommended by the Workers' Compensation Insurance Rating Bu...