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Presumption Estimates Slashed for Workers’ Comp

Gov. Gavin Newsom’s decision to issue a limited-term workers’ comp presumption for claims related to Coronavirus has California’s rating agency planning to drastically cuts its cost estimate for the presumption to just one-tenth its previous best estimate. The Workers’ Compensation Insurance Rating Bureau’s initial set of cost estimates ranged from $2.2 billion to $33.6 billion … Read More »

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Where’s California’s Telecommuting Class For Workers’ Comp?

Emergency Regulations For COVID-19 Claims In The Works

The Workers’ Compensation Insurance Rating Bureau hopes to have emergency regulations ready for Insurance Commissioner Ricardo Lara in a matter of weeks to outline how the industry will handle COVID-19 related claims for experience rating and rate-making purposes. The designated statistical agent is also working with its committees and the industry to identify the direct … Read More »

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Telecommuting And Workers’ Compensation In The Age Of COVID-19

Commissioner Lara Faces First Test On Workers’ Comp Rates

California Insurance Commissioner Ricardo Lara is in the midst of his first review of the industry’s annual workers’ comp rate filing. He is facing a tough decision: go with the conservative recommendation of the insurance industry or the deeper cut recommended by the independent actuary representing employers and organized labor. The former could have employers … Read More »

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Four Workers’ Comp Classifications Become Two

The Workers’ Compensation Insurance Rating Bureau’s Classification and Rating Committee approved a staff proposal to merge two classifications with relatively low credibility into two other classes as of Jan. 1, 2021. Most affected will be employers in classification 0044 Cotton Farms whose experience is not considered to be a credible predictor of future losses due … Read More »

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CIGA’s Financial Outlook Continues To Improve

The California Insurance Guarantee Association (CIGA) is reporting more positive news on its financial outlook. The agency says an updated actuarial analysis trimmed one critical financial estimate by $290 million. The news follows a previous $773 million write-down that allowed CIGA’s board of directors for the first time in decades to halt the practice of … Read More »

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Here’s the 2020 Rate Filing Numbers

The Workers’ Compensation Insurance Rating Bureau’s governing carriers rejected the public members call for an 8% rate cut and approved filing for a lesser 5.7% cut in California’s 2020 pure premium rates. The choice comes against a backdrop of record profits for California’s workers’ comp carriers. The vote was 8 to 3. All carrier members voted … Read More »

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