After reviewing year-end 2002 loss experience, the California Workers’ Compensation Insurance Rating Bureau (WCIRB) Actuarial Committee recommended that the WCIRB file a proposed change in pure premium rates with respect to new and renewal policies incepting on or after July 1, 2003. Although final year-end 2002 data is still being compiled, the Actuarial Committee’s analysis of the preliminary year-end experience indicates that pure premium rates should be increased by approximately 11 percent.
The Actuarial Committee’s recommendation, if accepted by the Governing Committee, will be filed with the Insurance Commissioner by the end of March 2003 for approval. It is anticipated that the California Department of Insurance (CDI) will schedule a public hearing in early to mid-May 2003 to consider the WCIRB proposed changes to the pure premium rates. A copy of the WCIRB proposed changes, as well as CDI’s notice of hearing, will be made available on www.wcirbonline.org as soon as they become available.
Was this article valuable?
Here are more articles you may enjoy.