INSURANCE COMMISSIONER APPROVES NO CHANGE TO PURE PREMIUM RATES FOR JANUARY 1, 2011
Our August newsletter contained information that a workers' compensation insurance rating bureau ("WCIRB") had advised the California Department of Insurance that 2011 rates should be increased by up to almost 30%. At that time, we advised that we did not believe California's economic and political environment would lend itself to a dramatic rate increase and per the attached announcement, we are pleased to confirm that will be the case.
On 11/19, the Department of Insurance announced that it will not approve any increase for 2011 rates. This is a positive development in that it does not give insurers "carte blanche" to increase rates, however the Department of Insurance can not prevent individual insurers from increasing 2011 rates and some have indicated that they will do so. While Risk Concepts is standing by its projection that 2011 rates are likely to increase on average from 5 to 15%, we have seen some insurers reverse the trend by announcing modest 2011 rate decreases.
Risk Concepts has access to nearly of the California workers' compensation markets. Given the uncertainty of the marketplace, we will be exceptionally diligent "to cover all the bases" and make sure that our clients and prospects receive the best terms from the best insurers.
On November 22, The Obama Administration more clearly defined the new rules in regards to Medical Loss Ratio's and how this will benefit consumers who purchase medical insurance. This article explains some of the regulations in more detail.
As the weather turns wet and cold, vehicle drivers needs to remember that road conditions change and that they need to adjust their habits. Regardless of how many years someone has been driving, old habits can be hard to break and old habits that work well in ideal conditions can easily lead to accidents in foul weather. We encourage you to share the attached winter driving tips with your employees and their families. Be safe...
At Risk Concepts, we are committed to helping you establish a strong safety program that minimizes your workers' compensation exposures. Contact us today at(925) 283-8200 to learn more about our OSHA compliance and safety program tools and resources.
This Risk Insights is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or a Risk Concepts insurance professional for appropriate advice.
t road conditions change and that they need to adjust their habits. Regardless of how many years someone has been driving, old habits can be hard to break and old habits that work well in ideal conditions can easily lead to accidents in foul weather. We encourage you to share the attached winter driving tips with your employees and their families. Be safe...
At Risk Concepts, we are committed to helping you establish a strong safety program 
