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April 22, 2024
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| | State Fund’s Rate Yo Yo
By Robert Warne - December 3, 2003 With a nod of approval from the Insurance Commissioner, State Fund plans to jump into the rate reduction pool with a 2.9 percent premium rate reduction beginning Jan. 1, 2004 as a result of the Legislature’s recent work comp system chlorination treatment.
This may come as a shock to many who recall how many times State Fund was prohibited from stepping anywhere near the waters of rate reduction.
It was in December 2000 when State Fund had its rate filing briefly held up by regulators who determined the carrier needed to modestly raise its rates.
In a critical May 29, 2002 letter from then Insurance Commissioner Harry Low to State Fund, the commissioner told then State Fund President Kenneth Bollier that the Fund's rates needed to be increased.
On Mar. 3, 2003 the freshly elected Insurance Commissioner John Garamendi also called for State Fund to jack up its rates. In his release he outlined a portion of State Fund's business plan, and said the elements were well conceived and comprehensive. The plan included a rate increase July 1.
But now post SB 228 and AB 227, in anticipation of projected cost savings, State Fund has made a legal U-turn. And although State Fund didn’t take full advantage of Garamendi’s 14.9 percent rate reduction allowance, the commissioner is still pleased, claiming this is a clear sign that we’ve turned the corner in the battle against skyrocketing premiums.
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