California Workers’ Comp Insurance Rating Bureau Not Filing Mid-Year Rate Change

The Workers’ Compensation Insurance Rating Bureau of California has announced it has decided not to file for a mid-year pure premium rate change.

Accepting a recommendation made by the WCIRB Actuarial Committee, the WCIRB Governing Committee said the organization would not propose a July 1, 2008 pure premium rate change to the Insurance Commissioner. According to a statement by the organization, “the Governing Committee noted that recently available year-end statewide loss experience suggests a modest increase of as much as 4.2 percent is indicated; however, mid-year filings have historically been limited to instances of major changes in loss experience, legislation or regulation. In this instance, year-end loss experience has emerged consistently with that reflected in the WCIRB’s latest (January 1, 2008) pure premium rate filing, and no major legislative or regulatory changes have been enacted.”

The WCIRB continues to review emerging loss and loss adjustment expense experience and will make its January 1, 2009 pure premium rate filing in August.

Source: WCIRB