California State Compensation Insurance Fund to see 1% premium rate decrease

VACAVILLE, Calif.—The California State Compensation Insurance Fund expects to see a 1% average decrease in collectible premiums under a new rating plan filed with the state Department of Insurance.

In a statement Monday, Vacaville, Calif.-based SCIF said it plans to maintain its overall rate level, but will adopt “rate relativity” adjustments from the California Workers' Compensation Insurance Rating Bureau for new and renewed policies effective Dec. 1.

Though some accounts would see a rate hike, SCIF said an increased group discount for its policies issued by the California Farm Bureau Federation, as well as other changes in its rate filing, would result in an overall reduction in collectible premiums.

“This rate filing shows that we are making progress on our efficiency initiatives and have maintained strong underwriting discipline," State Fund President and CEO Tom Rowe said in a statement.