Earlier today, the insurer and public members of the WCIRB Governing Committee in attendance voted unanimously to authorize the WCIRB to submit a
This indicated average pure premium rate does not reflect any provision for the impact of the Resource-Based Relative Value Scale (RBRVS), which is currently under consideration by the Division of Workers’ Compensation. The Governing Committee will meet on October 23, 2013 to consider the impact of any adopted changes to the fee schedule and whether an amendment to the WCIRB’s proposed
The indicated average 2014 pure premium rate of $2.70 per $100 of payroll reflects recently received June 30, 2013 experience. This indication is higher than the indicated $2.62 per $100 of payroll, based on March 31, 2013 experience, which was reviewed by the Committee at its August 7, 2013 meeting. The deterioration in the indication is largely attributable to adverse medical loss development on pre-2012 accident years coupled with sharply increasing indemnity claim frequency.
The WCIRB will submit its
September 13, 2013. The CDI will schedule a public hearing to consider the Filing and once the Notice of Proposed Action and Notice of Public Hearing is issued, the WCIRB will post a copy in the Regulatory Filings section of the website (www.wcirb.com).
As a reminder, on August 9, 2013, the WCIRB submitted a separate January 1, 2014 Regulatory Filing to the CDI proposing changes to the Insurance Commissioner’s regulations to be effective