An advisory committee has ruled that Workers’ Compensation rates in California do not need to be changed mid-year. The Workers’ Compensation Insurance Ratings Bureau is set to meet next in August to discuss rates for 2009. Rates are evaluated twice a year and findings are submitted to the state’s Insurance Commissioner.
Mid-year filings usually are “limited to instances of major changes in loss experience, legislation or regulation,” the Rating Bureau said in a news release. Insurers’ year-end loss experience for their California operations “suggests a modest increase of as much as 4.2 percent” is warranted. But the Rating Bureau will continue to track insurers’ experience, and wait to propose any change to take effect starting Jan. 1.
Insurance companies are not bound by the insurance commissioner but often listen to the recommendations of the advisory committee in setting rates. The committee is based out of San Francisco.