The cut is far deeper than the 4.5% decrease recommended by the Workers’ Compensation Insurance Rating Bureau. The Bureau is a private organization with quasi-governmental responsibility. It is financially supported exclusively by insurance carriers in whose interests it operates.
Jones’ decision is squarely in line with the recommendation of Mark Priven – the actuary representing employers and organized labor on the Bureau’s Governing Committee. Priven’s recommendations have consistently been more prescient than the Bureau’s and more contemplative of California’s declining cost trends.
The Bureau’s governing committee, which is dominated by insurance industry executives, rebuffed the public members’ efforts to have Priven’s recommendation adopted. Priven presented his analysis directly to the Commissioner at a rate hearing last month (for past coverage see 2019 Rate).
Original Source: https://www.wcexec.com/flash-report/2019-rate-cut-deeper-carriers-wanted/
Have you suffered a serious work injury? Contact our work compensation attorneys for FREE consultation about your California workers compensation claim benefits. We’ve been helping injured workers since 1987 and are certified by the State Bar of California.
Give us a call at (916) 930-9675 to speak to a work comp attorney in Sacramento now.