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Pinnacle Actuarial Resources is dedicated to keeping our clients up-to-date on relevant regulatory, administrative and economic conditions that impact their businesses. Recently, the Workers Compensation Insurance Rating Bureau (WCIRB) of California issued guidance regarding lower-than-anticipated workers compensation (WC) system loss costs. On September 5, the insurance commissioner of California approved all of the WCIRB’s proposed changes. The most current pure premium WCIRB filing, dated August 20, 2019 recommended a 5.4% decrease in average advisory loss costs, effective January 1, 2020.
This past week, the Workers’ Compensation Insurance Rating Bureau of California (WCIRB) approved and released the pure premium rate filing, effective July 1, 2018. This rate reduction has not yet been approved by the California Department of Insurance, and is open to a public comment period and hearing.
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