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California: State comp fund not filing midyear rate increase
The California State Compensation Insurance Fund will hold the line on premiums and not file for a midyear rate increase. Instead, officials from the state's largest provider of workers' compensation said they will revise the fund's rating plan to provide underwriters greater flexibility to reward better-performing accounts.
The revisions, which officials said should reduce average prices for better-performing small and midsized accounts, will apply to new and renewal workers' comp policies with an effective date on or after July 1. Under the fund's previous rules, only employers with at least $60,000 base workers' comp premium could receive credit for positive claims performance. The new rules will lower that threshold to $25,000 base workers' comp premium. "We understand how challenging the current economic climate is, and we are trying to support California's businesses as they manage through this difficult time," said Doug Stewart, interim president and CEO of the carrier, which currently insures 160,000 policyholders.
June 7, 2010 Copyright 2010© LRP Publications |
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