California Insurance Commissioner Ricardo Lara on Monday closed the record for the Jan. 1 advisory pure premium rate recommendation and is expected to issue a decision on the proposed 2.6% increase before the end of November, according to the Workers’ Compensation Insurance Rating Bureau.
The WCIRB in August recommended that the commissioner adopt an advisory rate of $1.56 per $100 of payroll. If approved, the new rate for policies incepting on or after Jan. 1 would be 2.6% higher than the rate for policies incepting in 2020.
The rate recommendation includes an average surcharge of...
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