Commissioner Cuts Pure Premium Rate Nearly 9% to $1.52

California Insurance Commissioner Ricardo Lara on Thursday approved the ninth consecutive advisory pure premium rate cut and lowered the benchmark to $1.52 per $100 of payroll, effective Jan. 1. The approved rate is lower than the $1.58 the Workers’ Compensation Insurance Rating Bureau recommended in August, which would have been a 5.4% cut from the last approved rate. Data from the second quarter of 2019 indicated a rate of $1.55, but the WCIRB’s Governing Committee voted against amending the filing to lower the recommended rate. The rate Lara approved is nearly 9% lower th...