WCIRB to File for 10.2% Mid-Year Rate Cut

OAKLAND, Calif. – The Governing Committee of the Workers' Compensation Insurance Rating Bureau on Wednesday approved a mid-year filing recommending California Insurance Commissioner Dave Jones reduce the advisory pure premium rate to $2.46 per $100 of payroll, despite concerns about a "whipsaw" effect on employers if favorable development trends don't hold. The recommended rate for policies incepting on or after July 1 is 10.2% lower than the $2.74 that Jones adopted for policies incepting on or after Jan. 1. The mid-year recommended rate is 11.2% lower than the $2.77 ...