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Insurance Commissioner Lara Approves a Maximum Decrease in WC Advisory Rates for 2020!

Wednesday, November 20, 2019   (0 Comments)
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Insurance Commissioner Lara Approves a Maximum Decrease in WC Advisory Rates for 2020! 
CALPASC Director of Risk Management Bruce Wick testified at the public hearing in San Francisco on October 14, 2019. He emphasized that the public actuary's rate projections have been more predictive than the WCIRB Actuarial Committee projections. The WCIRB proposed average claims cost rate was $1.58, where the public actuary, Mark Priven, proposed a rate of $1.52. 
CALPASC is grateful that Commissioner Lara and his actuarial team thoroughly reviewed the information. The Commissioner ruled in favor of the $1.52 average rate for policy anniversary rating dates beginning January 1, 2020.

You can click here for a copy of the decision.

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