Low Shorts WCIRB Rate Request, "Unreliable"

On Friday of last week, California's Insurance Commissioner, Harry Low, issued his ruling on all matters included in the WCIRB's January 1, 2003 pure premium rate filing (File No. RH 02022520.) The Insurance Commissioner approved a 10.5% increase in pure premium rates applicable to policies with anniversary rating dates in 2003. The WCIRB had filed for an average 13.4% increase. Commenting on the ruling, Low in his order called the WCIRB’s trending methodology unreliable, and expressed concern that "if a turning point eventually occurs" the rate request would be excessive, st...