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WCIRB President Robert Mike and Chief Actuary Dave Bellusci testified at a public hearing held on Wednesday by California Insurance Commissioner Dave Jones with respect to the WCIRB's January 1, 2012 Pure Premium Rate Filing.
(See related story WCIRB Submits January 2012 Rate Filing)
In his testimony, Dave Bellusci presented information concerning the WCIRB proposed pure premium rates for January 1, 2012 policies which average $2.33 per $100 of payroll. This rate is very close to the industry average filed pure premium rate and the industry average charged rate. In addition, Mr. Bellusci highlighted some of the cost drivers that continue to place upward pressure of advisory pure premium rates including increasing medical treatment levels, liens, pharmaceutical costs, Medicare set-asides and medical cost containment expenses.
To view a summary of the WCIRB's prepared testimony, click the link below. The public record for this week's hearing will remain open until October 5, 2011. Once closed, the Insurance Commissioner has 30 days to issue his decision, in which he may accept, reject or modify the WCIRB's recommendation.
The filing and related information is available in the Regulatory Filings section of the WCIRB website.