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Workers’ Comp Premium And Rates Moving In Opposite Directions

The Workers’ Compensation Insurance Rating Bureau released details on the 2023 calendar year that show written workers’ comp premium is up 2% from the prior year to $15.9 billion. The total now matches pre-pandemic levels, as higher wages are reflected in the total. The Bureau is a private organization with quasi-governmental responsibility. It is financially … Read More »

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WCIRB Makes Rate Hike Request Official

The insurer-controlled Workers’ Compensation Insurance Rating Bureau is asking for a 0.9% increase in California workers’ comp advisory pure premium rates only one year after the Department denied a 0.3% increase. The request contrasts with an independent recommendation for a 3.3% decrease effective September 1, 2024. The Bureau is a private organization with quasi-governmental … Read More »

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WCIRB Regulatory Filings

Last week, the California Department of Insurance held its required public hearing on the Workers’ Compensation Insurance Rating Bureau’s September 1, 2024, regulatory filing. It then took the matter under consideration. One construction industry representative urged the Department to give close attention to the dual-wage threshold increases proposed in the filing. The filing also includes … Read More »

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Bureau Files for Workers’ Comp Rate Increase

The insurer-controlled governing committee of the Workers’ Compensation Insurance Rating Bureau just concluded its September 1, 2024, rate filing deliberations. It voted to file for a 0.9% increase in the … Read More »

What Changes Might Improve Accuracy Of Rates and X-Mods

The New York Compensation Insurance Rating Board announced that it is rolling out a change to its operations next year that it says will improve the accuracy of the workers’ comp rates and the experience rating modification factors it generates. The National Council on Compensation Insurance says it too is proposing to make the same … Read More »

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WCIRB Regulatory Filing

The Workers’ Compensation Insurance Rating Bureau’s Governing Committee members voted unanimously to ask Insurance Commissioner Ricardo Lara to approve regulatory changes that would amend the 8874 companion classification for some electronic industry risks and implement higher thresholds for the construction industry’s dual-wage classifications, among other changes. The regulatory filing to become effective September 1st, 2024, … Read More »

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Hazard Group Changes Impact Class Relativities

Workers’ Compensation Insurance Rating Bureau officials say that updates to the retro hazard group (RHG) assignments are behind a higher-than-normal proportion of classes, seeing a 10% to 25% increase in their class relativity this year. However, fewer than the average number of classes will be limited to a 25% change next year, according to a … Read More »

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Changes For Class 8874

The Workers’ Compensation Insurance Rating Bureau established the 8874 companion classification last year to cover two classes in the electronics industry group. Now, it proposes shifting payroll from two more classes in the industry group next year with a third group to follow down the road. Class 8874 currently encompasses the payroll for employees engaged … Read More »

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