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Member, Beacon International Group, Ltd.
SAN FRANCISCO—The Workers’ Compensation Insurance Rating Bureau of California’s governing board on Wednesday approved a recommendation to increase rates by 29.6% beginning Jan. 1, 2011.
A WCIRB panel of insurer actuaries on Aug. 4 suggested that a 30% rate increase is necessary beginning Jan. 1, 2011. The recommendation will now go to the state insurance commissioner.
California Gov. Arnold Schwarzenegger had written a letter to Insurance Commissioner Steve Poizner asking him to reject the recommendation for such a rate increase.
“I am confident you will not allow such a tremendous financial burden on California businesses at this time,” Gov. Schwarzenegger said in the Tuesday letter.
The governor’s letter also said insurers must use the tools provided in reform legislation that he signed into law in 2004 before they consider raising workers comp rates.
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.