At its August 10 meeting in Oakland, the Committee discussed what decrease level should be suggested for rates effective January 1, 2017. The WCIRB Actuarial Committee was proposing a decrease of .9%. Bruce gave reasons why the public actuary proposal of a 5.5% decrease was more appropriate.
After much discussion, the Governing Committee members did agree to move from a .9% decrease to a 2.6% decrease. Bruce Wick, whi is one of two employer appointees to the WCIRB Governing Committee, and the other public members, both labor and management, voted for the 5.5%; but the good news is the 2.6% reduction was approved. That filing has now been sent to Insurance Commissioner Dave Jones, who will be conducting a public hearing on the filing. CLICK HERE to see a copy of the filing here.