Calif. Rate Decreases Averaged 38% Since Reforms

California Insurance Commissioner John Garamendi announced Thursday that insurers have decreased their rates by 37.7% since January 2004, when the first round of legislative workers' comp reforms took effect. Insurance Department records show that rate reductions filed by 219 carriers in November and December ranged from zero to a 53.6% reduction filed by Williamsburg Insurance Co. Garamendi said he sent a list of the cost savings broken down by insurance carrier to Legislative leaders on Thursday. His report noted that during this same period, the Insurance Department has recommended...