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This week, Insurance Commissioner Dave Jones issued the following statement following the State Compensation Insurance Fund’s (SCIF) most recent workers’ comp rate submission to the California Department of Insurance (CDI):
"I am encouraged by SCIF’s announcement that its recent workers’ comp rate filing – resulting in an overall premium decrease of one percent, as reported by SCIF – will result in stable insurance premiums for employers. This appears to be in line with the estimates my staff made regarding workers’ compensation insurance rates and pricing. I approved a slight reduction in the Workers' Compensation Claims Cost Benchmark on November 4, 2011, which is the advisory measurement of workers' compensation insurance costs, and noted that insurers are charging employers for insurance close to those estimated costs. SCIF’s actions as the largest workers' compensation insurer in California lend support to the fact that there should not be a major increase in the average cost of workers' compensation insurance in California."
For more information about Commissioner Jones’ recent approval of the Workers' Compensation Insurance Claims Cost Benchmark, please click here.