WCIRB Submits Amendment - Hearing Today

On September 16, 2002, the WCIRB amended the proposed 2003 pure premium rates submitted to the California Department of Insurance (CDI) as part of its July 31, 2002 filing. Based on updated loss experience valued as of June 30, 2002, the WCIRB is proposing an average change of 13.4% in pure premium rates to be effective on January 1, 2003 and later policies. The WCIRB's July 31, 2002 filing proposed an average increase in pure premium rates of 11.9%. This move is unusual in that prior years where the advisory committee made amendment recommendations, they were not passed along to the state for...