Today, the WCIRB submitted an amended January 1, 2018 Pure Premium Rate Filing to the California Department of Insurance (CDI). The amended filing was based on the WCIRB’s recent review of June 30, 2017 loss experience, which indicated lower than projected indemnity and medical loss development in the second quarter. As a result, on September 6, 2017, the WCIRB Governing Committee authorized the submission of an amended filing to the CDI.
The amended filing proposes advisory pure premium rates to be effective January 1, 2018 that average $1.96 per $100 of payroll in lieu of pure premium rates which averaged $2.01 per $100 of payroll that were proposed in the original August 18, 2017 Filing. These amended proposed pure premium rates are on average 2% less than the average approved July 1, 2017 advisory pure premium rate of $2.00 and 16.1% less than the industry average filed pure premium rate of $2.34 as of July 1, 2017.
The amended filing and all related documents are available in the Filings and Plans section of wcirb.com.
The Insurance Commissioner has scheduled a public hearing to consider the WCIRB filing. The hearing will be held:
October 5, 2017 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 the approved advisory pure premium rates to the Filings and Plans section of wcirb.com.
Amended January 1, 2018 Pure Premium Rate Filing (September 8, 2017)
Original January 1, 2018 Pure Premium Rate Filing (August 18, 2017)
Notice of Proposed Action and Notice of Public Hearing
WCIRB Wire: Governing Committee Votes to Amend January 1, 2018 Pure Premium Rate Filing
WCIRB Wire: January 1, 2018 Advisory Pure Premium Rate Filing Submitted to CDI