Commissioner Cuts Pure Premium Rate by 2.6%

California Insurance Commissioner Ricardo Lara on Tuesday lowered the workers’ compensation advisory pure premium rate by 2.6%. The commissioner adopted a rate of $1.46 per $100 of payroll. The new rate is one penny more than the $1.45 rate adopted last year. However, advisory pure premium rates represent an average of about 500 individual rates for different classifications weighted by industrial class. When the last approved rate is recalculated using the same industry class weights that were used in the latest filing, it comes out to $1.50 per $100 of payroll. The Workers&rsquo...