Hearing on mid-year Rate Decrease April 30

The California Department of Insurance will hear testimony regarding a proposed mid-year decrease in the advisory pure premium rate April 30 in San Francisco. The Workers' Compensation Insurance Rating Bureau is recommending the insurance commissioner lower the advisory pure premium rate by 10.2% to $2.46 per $100 of payroll effective July 1. The commissioner in November 2014 adopted an advisory rate of $2.74 for policies beginning on or after Jan. 1. Medical costs decreased slightly in 2014 while indemnity costs did not increase as much as projected. While loss-adjustment expenses are h...