California Insurance Commissioner Ricardo Lara made the correct choice by lowering the advisory pure premium rate to $1.45 and opting not to include uncertain, preliminary COVID-19 cost projections, employer and labor advocates said Monday.
The Workers’ Compensation Insurance Rating Bureau had recommended increasing the pure premium rate from $1.52 per $100 of payroll to $1.56, a 2.6% jump. The bureau’s submitted rate also included a 6-cent average surcharge to reflect projected COVID-19 costs spread across six employer categories based on exposure risk.
It would have been th...
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