The Workers’ Compensation Insurance Rating Bureau submitted its annual regulatory filing proposing to reduce the final premium amount that would subject California policyholders to a physical audit, among other things.
The regulatory filing submitted to the Department of Insurance on Wednesday would reduce the physical audit threshold, to $10,500 from $13,000. The reduction in the threshold triggering a physical audit is necessary because of falling rates and rising wages, according to materials from a May meeting of the WCIRB’s Classification and Rating Committee.
The 2020 regul...
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