Jones Orders Pure Premium Rate of $1.63, Lower Than WCIRB Filing

California Insurance Commissioner Dave Jones on Wednesday approved a pure premium rate of $1.63, a steeper cut than the $1.70 rate recommended by the Workers’ Compensation Insurance Rating Bureau. The department’s decision and order, written by Hearing Officer Patricia Hein, states that the bureau’s recommendation is within a reasonable actuarial range, but the department’s actuaries assumed lower indemnity and medical costs than the WCIRB used in its analysis. The bureau uses solely the paid development method when projecting losses. The department’s consul...