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News: 2011 Press Release
For Release: December 16, 2011
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Insurance Commissioner Dave Jones Comments on Findings of Report on Workers' Compensation Insurance Company Loss Experience
Evidence shows stability, no surprises in workers' compensation market
Insurance Commissioner Dave Jones today issued the following statement after the release of a quarterly (through September 30) report by the Workers' Compensation Insurance Rating Bureau (WCIRB) on workers' compensation insurance company loss experience and following the decision by the Governing Committee of the WCIRB to no longer file mid-year pure premium rate changes absent extraordinary circumstances:
"The findings of the WCIRB's report and its decision to change its approach on filing mid-year pure premium rate changes are consistent with my decision earlier this year on the pure premium benchmark and the reform of the pure premium benchmark process that I directed earlier this year," Commissioner Dave Jones said. "This report on insurer loss experience shows that insurer losses are similar to what insurers experienced a year ago and there currently is stability in the workers' compensation market. The WCIRB's decision to refrain from filing mid-year pure premium rate changes, absent extraordinary circumstances, such as highly unusual volatility in the experience of insurers or major legislative, regulatory, or judicial action, follows a recommendation from the Department of Insurance following an operational examination of the WCIRB. This will assure employers that there will be fewer changes in workers' compensation insurance pricing unless there are substantial changes to the workers' compensation system."
To view the report on workers' compensation insurer experience, please visit WCIRB's web site.
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California, regulating the $123 billion insurance marketplace. In 2012 the California Department of Insurance received more than 160,000 calls from consumers and helped recover over $64 million in claims and premiums. Please visit the Department of Insurance web site at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.HELP. Out-of-state callers, please dial 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.
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