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Commissioner Again Rejects Call to Raise Rates, Approves 2.1% Cut

Monday, July 15, 2024 | 0

California Insurance Commissioner Ricardo Lara once again lowered the advisory pure premium rate despite the Workers’ Compensation Insurance Rating Bureau's recommendation of a small increase. Lara on Friday signed an order reducing the advisory pure premium rate by 2.1% to $1.38 per $100 of payroll. The WCIRB recommended that the commissioner increase the advisory rate by 0.9% to $1.42. The new rate applies to policies incepting on or after Sept. 1. Key factors in the commissioner’s decision include an ongoing decrease in the number of medical services associated w...

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