Insurance Commissioner Dave Jones has less than 30 days to decide whether to lower California’s workers’ comp advisory pure premium rates 7.8%, 9.6%, go lower, or settle on a compromise somewhere in the middle as has been the norm. In either case, Jones promises a speedy turnaround that will have a significant rate cut on …
Prompted by California Department of Insurance’s regulations requiring carriers to file for approval the ancillary agreements they intend to use, the Workers’ Compensation Insurance Rating Bureau is amending its rules and procedures to accept the documents. Many – most – carriers have routinely ignored the regulations, and court cases have been lost as a result. …
Workers’ comp rates for many construction industry operations are split between high and low wage operations with the safer, higher wage employers recognizing a steep discount on their workers’ comp rates. A new study commissioned by the Commission on Health, Safety and Workers’ Compensation indicates that the janitorial industry should have a similar system but …
The California workers’ comp industry is showing continued improvement on the medical cost front through the end of the third-quarter of 2016. The results are driven by a steady string of settlements of older workers’ comp claims that are helping to bring down the overall loss trend. Industry data indicates that the improvement is enough …
The initial projected $200 million in net savings per year from the SB 863 workers’ comp reforms is turning out to be a $1.3 billion per year windfall for the workers’ comp system, and more savings could still materialize. So too could additional costs. The latest industry report on the system’s post-reform costs shows that …
The Bureau is rolling out a new process for adjusting the dual wage thresholds that divide various construction industry classifications into high and low-wage classes for rate making. The new system promises, according to the Bureau, to be less labor intensive for the Bureau and employers in the affected classes while providing more timely updates …
California Insurance Commissioner Dave Jones’ workers’ comp pure premium rate decision trimmed the rate sought by the insurance industry through the recommendation of the Workers’ Compensation Insurance Rating Bureau. The key difference being the estimated costs of medical services going forward. The Department’s actuaries gave more emphasis to the industry’s recent experience in lowering the …
Workers’ comp rates are on the decline across the nation, but for the fifth straight year, the industry’s underwriting performance is improving. A new industry report shows the combined ratio for workers’ comp improved 5.5 points to a 96 last year. The national results are trending in line albeit slightly lower than the California workers’ …