Flash Report: Garamendi: Its Obscene! Urges Bigger Decreases

Sounding much like he did during the May rate hearing, Insurance Commissioner John Garamendi is calling the estimated 50 percent reduction in California workers comp costs extraordinary and unprecedented. The Commissioner says that carrier rate reductions neither reflect the decrease in workers comp costs nor the most recent loss ratio of 38.5 percent.Its my perception that the insurance industry is continuing to pocket a large share of the savings, and I find that unconscionableits obs