Oakland, CA – On August 19, 2016, the WCIRB submitted a pure premium rate filing proposing January 1, 2017 advisory pure premium rates which averaged $2.26 per $100 of payroll. In the filing, the WCIRB indicated it would evaluate June 30, 2016 experience once it is received as well as any legislative changes that are adopted prior to the public hearing on this filing and, if appropriate, amend the pure premium rates proposed in the filing.
The WCIRB has completed its evaluations of June 30, 2016 experience and of the cost impact of Senate Bill No. 1160 and Assembly Bill No. 1244 that were recently enacted by the California Legislature and signed into law by Governor Brown on September 30, 2016. As a result of these evaluations and as authorized by the WCIRB Governing Committee the WCIRB submitted an amended filing to the California Department of Insurance. The advisory pure premium rates proposed in this amended filing average $2.22 per $100 of payroll. This is $0.32, or 12.6%, less than the corresponding industry average filed pure premium rate of $2.54 as of July 1, 2016 and $0.10, or 4.3%, less than the average approved July 1, 2016 advisory pure premium rate of $2.32.
The amended filing and all related documents are available in the Publications and Filings section of the WCIRB website or by clicking here: CA WCIRB: Amended January 1, 2017 Pure Premium Rate Filing (PDF)
The Insurance Commissioner has scheduled a public hearing to consider the WCIRB filing. The hearing will be held:
October 10, 2016 at 10:00 AM
California Department of Insurance
45 Fremont Street
22nd Floor Hearing Room
San Francisco, CA 94105
Once a Decision is issued with respect to the WCIRB’s filing, the WCIRB will post approved pure premium rates and experience rating plan values to the Publications and Filings section of its website.
Source: CA WCIRB