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Despite Reforms, Frictional Costs Remain High in Workers' Comp System
07/17/2020
Californias workers compensation system spends 52 cents for every 1 of benefits delivered more than double the cost of an average comp system according to the Workers Compensation Insurance Rating Bureaus annual State of the System report released Tuesday.
WCIRB officials have cited
Category: News
WCIRB State of the System: Workers' Comp Industry Was Healthy, Stable When COVID Hit
07/15/2020
impact potential surges of COVID-19 cumulative trauma post-termination claims the impact of telecommuting people staying home all these phenomena theres a lot of uncertainty both on the exposure side and on the loss side said Dave Bellusci executive vice president and chief actuary for WCIRB
Category: News
WCIRB Posts 2021 X-Mod Estimator
07/13/2020
payroll classification and claims information into the estimator users can obtain an estimated X-mod using proposed 2021 California Workers Compensation Experience Rating Plan-1995 values including expected loss rates D-ratios and primary thresholds that vary by employer size the WCIRB said in a
Category: News
CDI Sets July 29 Date for Regulatory Hearing
07/09/2020
The California Department of Insurance will hold a telephonic hearing July 29 to gather testimony on the Workers Compensation Insurance Rating Bureaus 2021 regulatory filing.
The WCIRB in June submitted its annual regulatory filing that among other things proposes a new classification code
Category: News
WCIRB to Deliver State of System Report July 14
07/02/2020
pandemic the WCIRB said. However bureau actuaries will explain how the pandemic and stay-at-home orders will likely affect premium levels claim frequency and severity in 2020.
Additional findings from the report include
Premiums are expected to plummet in 2020.
Average insurer charged
Category: News
WCIRB Reports Combined Losses, Expenses
07/01/2020
over each of the last two years according to the WCIRB report.
Similarly the 3.8 billion in indemnity benefits paid in both 2018 and 2019 accounted for 45 of total loss payments those years.
In total paid losses in 2019 including benefit payments made by the California Insurance Guarantee
Category: News
Classification Inspection Report Program to Expand for Agents and Brokers, WCIRB Says
06/29/2020
The Workers Compensation Insurance Rating Bureau announced it will expand its Special Inspection Report Program by allowing brokers and agents to request physical inspections of their clients business operations according to a news release.
The expansion takes effect Wednesday the WCIRB
Category: News
Commissioner Approves Regulatory Filing
06/18/2020
California Insurance Commissioner Ricardo Lara approved regulatory changes proposed by the Workers Compensation Insurance Rating Bureau to account for the COVID-19 pandemic.
Commissioner Ricardo Lara
The WCIRB recommended that costs of COVID-19 claims with an accident date on or after
Category: News
WCIRB Moves Forward With Telecommuter Classification, Will Define Rate in August
06/18/2020
Defining the new classifications pure premium rate which could mirror the clerical office rate of 23 cents per 100 of payroll WCIRB officials said.
The process may not be as easy as in years past as committee members approved the split classification in response to the COVID-19 pandemic which has
Category: News
Written Premium Falls 7%; SCIF Returns as Largest Carrier
06/17/2020
2018 and 2.97 in 2014.
Charged rates have continued to decline since enactment of the 2012 reform package SB 863 as the WCIRB Governing Board primarily spurred by declining medical losses has recommended a string of reductions in the advisory pure premium rates used by insurers as a benchmark
Category: News
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