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30% workers comp rate increase proposed for California

Roberto Ceniceros

August 05, 2010 Reprints

Workers Comp Coverage More + Less -

SAN FRANCISCOActuaries for the San Francisco-based Workers’ Compensation Insurance Rating Bureau of California have recommended a roughly 30% rate increase for policies incepting Jan. 1.

The recommendation Wednesday by the WCIRB’s actuarial committee must be approved by the governing committee before it goes to the California Department of Insurance for approval or disapproval.

WCIRB’s governing committee is scheduled to meet Aug. 11 to vote on the matter, a spokesman said.

Increasing medical costs and the Department of Insurance’s past rejections of rate increases resulted in the need for an approximately 30% increase, the spokesman added.

Last year the Department of Insurance rejected the WCIRB’s call for a workers comp insurance rate increase of nearly 24%.

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30% workers comp rate increase proposed for California

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