Calif. comp fund files 11% rate decrease

SAN FRANCISCO--California's State Compensation Insurance Fund filed rates that will reflect an 11% average decrease in premiums for policies incepting July 1.

The filing represents SCIF's eighth consecutive rate reduction since 2003 and cumulative pricing that is 55% below 2004 rate levels, the insurer announced Tuesday.

SCIF attributed falling rates to workers comp reforms adopted by California in 2003 and 2004.

California Insurance Commissioner Steve Poizner, however, has suggested that workers compensation insurers reduce their pure premium rates by 14.2% on average for policies beginning on or after July 1.