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California Insurance Commissioner John Garamendi took time yesterday to update the public on how work comp carriers are responding to his 14.9 pure premium rate reduction recommendation, as Jan. 1, 2004 is fast approaches.

Garamendi said that 95 carriers, representing approximately 75 percent of total premium in the state have filed rates with the Department of Insurance.

Out of those filings, 69 companies will reduce rates, 16 will keep rates at current levels, and 10 will increase rates.

"The up escalator of increasing costs has stopped and we are now on a down escalator. But we still need to do more. We must continue with the second phase of reform."

Garamendi acknowledged that there are several factors that may delay premium relief for some employers. He explained that those with policies that do not renew until July 1 would have to wait for premium relief. Also some companies may have had accidents on work sites that will impact rates negatively, and the classification process may result in varying rate changes for others. But overall, the news is good for California, he said.