The Workers’ Compensation Insurance Rating Bureau’s Governing Committee on Wednesday unanimously voted against a midyear rate filing that would have been the first increase in six years, thanks to how small the increase would be and a high level of uncertainty over the COVID-19 crisis.
The WCIRB’s indicated midyear pure premium of $1.53 per $100 of payroll was just 0.7% higher than the $1.52 rate approved by Insurance Commissioner Ricardo Lara for policies starting on or after Jan. 1.
Both rates are below the industry average charged rate of $1.72, according to WCIRB da...
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