WCIRB - Rates Inadequate, Should be 22.5%

Yesterday David Bellusci, chief actuary for the Workers' Compensation Insurance Rating Bureau told the Bureau's governing committee that the latest data through March 30 indicates rates should actually be increased about 22.5 percent rather than the 10.6% increase previously recommended just last month. The CA Dept of Insurance held a hearing earlier this month on the initial rate increase request, but the Commissioner has deferred any final judgment. In the meantime, the Bureau may make its 2004 filing in July, but it is awaiting data through June 30 to make a final decision.Commissioner ...