Today, the California Insurance Commissioner issued a Decision regarding the Workers’ Compensation Insurance Rating Bureau of California (WCIRB) September 1, 2023 Pure Premium Rate Filing (Filing). The WCIRB submitted the Filing to the California Department of Insurance (CDI) on April 28, 2023.
The WCIRB proposed advisory pure premium rates in its Filing that are, on average, 0.3 percent above the approved September 1, 2022 advisory pure premium rates.
The CDI held a public hearing regarding the Filing on June 7, 2023. The CDI’s official hearing record closed on June 12, 2023.
In his Decision, the Insurance Commissioner approved advisory pure premium rates that average $1.46 per $100 of payroll, which is 2.6 percent below the average of the approved September 1, 2022 advisory pure premium rates. The difference between the WCIRB proposed and CDI approved advisory pure premium rates is due to different assumptions regarding loss development, claim frequency and claim severity trends.
View and download the Insurance Commissioner’s Decision in the Filings and Plans section of the WCIRB website.
Related Information
Insurance Commissioner’s Decision
Bulletin 2023-09 WCIRB September 1, 2023 Pure Premium Rate Filing Decision
September 1, 2023 Pure Premium Rate Filing (April 28, 2023)
September 1, 2023 Advisory Pure Premium Rates: XLS File | Delimited File