Garamendi Lowers Pure Premium Advisory Rate 20.9%

California Insurance Commissioner John Garamendi on Friday announced his decision to lower the advisory pure premium rate for workers' compensation insurance in California by 20.9%, a clear signal that substantial savings from system reform are available to provide relief to employers currently paying the highest premiums in the nation. The recommendation from the Commissioner represents the impact of the estimated $5.5 billion in savings from last year's reform, AB 227 and SB 228, as well as the impact of this year's reform, SB 899, estimated to save $2.25 billion. A substantial por...