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| | California's WCIRB Backs Off From Recommending A Pure Premium Rate Increase For January 1st 2013
By Lonce LaMon - October 1, 2012
The WCIRB (the Workers’ Compensation Information Rating Bureau in California) has decided to suspend its recommendation given last early August 2012 to recommend a pure premium rate increase of 12.6 percent for workers’ compensation in California. It will now recommend no rate increase for next year.
This decision was made as a result of, and in anticipation and hope of, cost savings prayed for by SB 863, which was just passed by the California legislature and signed by Governor Jerry Brown on September 18th 2012.
SB 863 goes into effect on January 1, 2013, and will raise permanent disability benefits for the most seriously permanently disabled injured workers. But the savings anticipated in the system by implementing a medical review panel, stopping psychiatric permanent disability, sleep disorders, and sexual dysfunctions from being factored in as “add-ons” to physically permanently disabling injuries, and other changes to cut down the draining costs of high litigation rates, totally remain to be seen. No one has a clue what will really happen in reality with these theorizations formulated in the bill. The empirical reality in its actual manifestations is yet to come. Who knows?
The WCIRB has chosen to wait to find out if SB 863 will reduce costs for California’s workers’ compensation system.
Back in mid-August, the WCIRB unanimously voted to authorize to raise the average pure premium rate by 12.6 percent. That would have raised the average advisory rate to $2.68 per $100 of payroll up from the $2.38 per $100 of payroll the WCIRB had recommended for July of 2012 renewals and new policies.
But, for now, no advisory increase by the WCIRB will happen for January 1.
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