Jones Approves 7.6% Workers’ Comp Hike
In a late Friday afternoon announcement California Insurance Commissioner Dave Jones approved a 7.6% increase for the 2014 workers’ comp pure premium advisory rates. The decision by the California Department of Insurance (CDI) knocked roughly five cents off what the Workers’ Compensation Insurance Rating Bureau (WCIRB) had asked for last month in its amended rate filing. The Department removed State Fund’s loss adjustment expenses from WCIRB’s projections because State Fund’s costs are so much higher than other carriers.
The insurer funded and controlled WCIRB asked for a 9.6% rate hike overall.
Compline will have almost all 2014 X-Mods through the first quarter live in its system late this week. They will all update sometime Friday. Members who have risks identified on Modwatch will be automatically notified en masse.
Compline has 2014 X-Mod calculation live and working now. Integrated Comparative Premium Rating is also working now to the extent carriers are filed.