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Low Advises a Premium Rate Lube in July
By Robert Warne - May 23, 2002

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Low Advises a Premium Rate Lube in July
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The California Department of Insurance (CDI) responded May 20 to a recommendation to implement a mid-year pure premium rate increase.

Making the increase official, California Insurance Commissioner Harry Low said, "I hereby approve an increase in the advisory pure premium rates for workers' compensation insurance of 10.1 percent. The increase was recommended by the Workers' Compensation Insurance Rating Bureau of California (WCIRB) and no comments in opposition to this increase have been received."

The WCIRB advised the CDI to increase the advisory premium rate at a public hearing March 28. Another hearing was held May 14 in San Francisco on the matter, which cleared the way for the increase.

The pure premium rate represents the actual cost of claims or loss cost. It is the recommended level of motor oil to keep a carrier's system from seizing.

The mid-year adjustment is a way for the CDI to tell carriers that they are burning oil and need to put a couple of quarts of 10W-30 into their systems. The increase will bring the pure premium rate inline with the actual cost of claims and the carriers' dipsticks will read "full."

This is the second increase for 2002, following a Jan 1 increase of 10.2 percent.

 
 

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