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News & Press: Legislative Issues

Insurance Commissioner Dave Jones Approves Midterm Advisory WC Rate Decrease of 10.2%

Tuesday, May 12, 2015   (0 Comments)
Posted by: Mark Alpert
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CALPASC Director of Risk Management Bruce Wick made the motion at the WCIRB Governing Committee meeting on April 1, 2015, to adopt the 10.2% rate decrease. That motion was approved, and a public hearing was held by the Department of Insurance on April 30, 2015. Wick's testimony for that meeting was that employers had seen WC charged rates on average go up 18% since the WC reforms of SB 863 were passed in 2012. Providing an advisory rate decrease of 10.2% was only starting to give back money that employers had overpaid for the years 2013 and 2014.

The new advisory rates take effect July 1, 2015, for new and renewing policies. It's important to note that insurers will adjust and file rates based on their own actuarial reviews and don't have to follow the advisory rates. We are pleased that CompWest Insurance Company has already filed for a 13.1% rate decrease and are hopeful that other insurers will follow suit.

You can see a copy of the Insurance Commissioner's ruling by clicking here.

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