Jones Approves Double-Digit Pure Premium Rate Decrease

California Insurance Commissioner David Jones on Tuesday approved a pure premium rate of $1.74 to take effect July 1, rejecting the $1.80 rate recommended by the Workers’ Compensation Insurance Rating Bureau. Jones admonished insurers to pass on cost savings from a series of reform bills on to employers, nothing that the average pure premium rate filed by carriers is $2.22 — 27% more than the bureau’s indicated rate. The commissioner said “industry profitability appears to be substantial as a percentage of premium.” "It is time insurers do the right th...