A key committee at the Workers’ Compensation Insurance Rating Bureau is opting against making any changes to the amount of workers’ comp premium required to trigger the need for a physical audit of an employer’s payroll. The Classification and Rating Committee, however, did approve a plan to file an increase in the minimum and maximum …
Public testimony delivered during Insurance Commissioner Ricardo Lara’s workers’ comp rate hearing and subsequently in written comments show wide-ranging opposition to the insurance industry’s proposed six-tier COVID-19 surcharge. The California Bureau filed a surcharge for all employers ranging from 1 cent to 24 cents depending upon classification. The Bureau inserted class into one of 6 …
California’s workers’ comp actuaries are recommending against using the industry’s second-quarter experience in the rate-making process for 2021 advisory pure premium rates due to the gross distortions in the data from the Wuhan China sourced COVID-19 pandemic. Most notable were anomalies in claim reporting, reserving, and resolution of claims that are now running counter to …
The Workers’ Compensation Insurance Rating Bureau’s governing committee just approved amending the January 2021, pure premium rate filing. It is recommending the application of a six-tier surcharge for COVID-19 costs to next year’s advisory rates. The surcharge will range from 1 cent to 24 cents depending on the industry’s relative share of the COVID-19 claims …
California Department of Insurance has approved the WCIRB’s regulatory filing (not rates) for X-Mod factors, including the expected loss rates for the system’s 500+ classifications. The approval clears the way for calculation of employers’ 2021 X-Mods. The Bureau says it will begin issuing 2021 X-Mods this Thursday, and Compline, in conjunction with the Bureau, will …
The Workers’ Compensation Insurance Rating Bureau will make it official later this month when it files to apply the 8810 clerical class’ rate to the proposed new 8871 class for workers that telecommute at least 50% of the time. The action rejects an earlier request from California employers to follow the lead of other states …