After several years of employers in California experiencing a decrease in Workers Compensation rates they may be looking at rate increases in 2009! The Work Comp Insurance Rating Bureau (WCIRB) has recommended a 16% increase in pure premium rate. This would reverse a trend that started in 2004 that has employers paying a pure premium rate that has decreased by 65% in that time.
The WCIRB is a California unincorporated, nonprofit association comprised of all companies licensed to transact California workers' compensation insurance in California and has over 400 member companies.
The WCIRB is a licensed rating organization and the designated statistical agent of the California Insurance Commissioner. For over 90 years, the WCIRB has been relied upon by the Insurance Commissioner, the legislature, insurers, and others as the premier source of reliable workers' compensation information and statistics.
The California Insurance Commissioner has 30 days after the close of the record to issue the pure premium rate advisory, which is a recommendation used by the workers’ compensation insurance industry as a benchmark for filing its rates.
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