Governing Committee Recommends 10.2% Rate Reduction

The Governing Committee of the Workers' Compensation Insurance Rating Bureau today approved a mid-year filing recommending a 10.2% rate reduction to the advisory pure premium rate. Committee members voted 10-1 to approve the mid-year filing. Jan Frank, chief executive officer and president of Pacific Compensation Insurance Co., was the only member to vote against the filing. The filing will recommend an advisory pure premium rate of $2.46 per $100 of payroll, which is 10.2% less than the $2.74 rate Insurance Commissioner Dave Jones adopted in November. The recommended rate is 5% less tha...