BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
California Insurance Commissioner Ricardo Lara lowered a pure premium rate filing proposed by the state’s ratings bureau and declined to add an additional adjustment for COVID-19, the commissioner announced in a statement Wednesday.
Commissioner Lara adopted an average advisory claims cost benchmark of $1.45 per $100 of employer payroll and adjusted the pure premium rates for individual classifications — excluding additional adjustments for COVID-19 — based on the benchmark. The rates will take effect Jan. 1, 2021.
The rate level of $1.45 is about 19.4% lower than the industry-filed average pure premium rate of $1.80 as of July 1, 2020.
The California Workers Compensation Insurance Rating Board had proposed to the commissioner in August a premium rate of $1.56 per $100 of payroll. In September, however, the board’s governing committee voted to amend the filing to reflect information on COVID-19 claims, modifying its early recommendation of $0.06 per $100 of payroll on COVID-19 claim frequency to a range of $0.01 per $100 of payroll for the information sector to $0.24 per $100 of payroll for segments of the health care and social assistance industry sector.
“The WCIRB’s thorough efforts to estimate COVID-19 costs are noted and appreciated but I am not persuaded that there is sufficient and reliable data upon which to base an adjustment for COVID-19 costs,” Commissioner Lara said in a statement.
In his order, he directed workers compensation insurance companies to clearly identify any COVID-19 adjustments in rate filings subsequently submitted to the state’s Department of Insurance, and directed the WCIRB to collect data on aggregate premium charged for the COVID-19 adjustment on an ongoing basis.
More insurance and workers compensation news on the coronavirus crisis here.
Iowa Insurance Commissioner Doug Ommen has approved a workers compensation rate filing with an overall decrease of 3%, the commissioner announced in a news release Friday.