The Workers' Compensation Insurance Rating Bureau has issued a new bulletin outlining and clarifying the rating submission requirements following Insurance Commissioner John Garamendi's announcement of a 14.9 percent reduction in the pure premium rate and the AB 227 amendment to Insurance Code Section 11735.1. AB 227 modified IC 11735.1 to require carriers to account for any reduction announced by the Department of Insurance in January rate filings.
Section 11735.1 of the Insurance Code, as enacted by AB 227, states:
(a) In determining the advisory pure premium rates for policies incepting o...
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