In what would have been a decrease, the insurance carrier members on the Workers’ Compensation Insurance Rating Bureau governing committee voted unanimously to reject a mid-year 2019 pure premium rate filing. The motion to file was made by the public members on the committee. The decision effectively forestalls any change in California’s approved workers’ comp rates until Jan. 1, 2020.
The Bureau is a private organization with quasi-governmental responsibility. It is financially supported exclusively by insurance carriers in whose interests it operates.
The indicated rate changes varied from a low of a 3.7% reduction from the approved Jan. 1, 2019, rates to a high of a 6.2% reduction recommended by the actuary representing California employers and organized labor. Additional coverage of the meeting and the forthcoming changes to the rate filing process will be in the next paid edition of Workers’ Comp Executive.