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Bruce Wick Testifies at Public Hearing on the Workers' Compensation Advisory Rates for 2020!

Monday, November 4, 2019   (0 Comments)
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Bruce Wick Testifies at Public Hearing on the Workers' Compensation Advisory Rates for 2020!
 
The hearing was new Insurance Commissioner Ricardo Lara's first advisory rate hearing. It was held on October 14, 2019, in San Francisco. The WCIRB rate filing was for an overall 5.4% rate decrease from the 2019 advisory rates. The WCIRB also showed that the next quarter of results after their original filing indicated the decrease could be a total of 7.2%. The public actuary testimony showed a total decrease of 9.1%. Bruce testified to the Commissioner that the public actuary's proposed rates had been more predictive year after year, and he strongly urged a ruling on the full 9.1% reduction. Bruce also asked the Commissioner to review and process the ruling as soon as possible, so employers who renew in early 2020 would have time to thoroughly work out their renewal quotes.

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