Excerpts from Los Angeles Times article November 9,2009
Steve Poizner on Monday rejected a call from the California Workers' Compensation Insurance Rating Bureau to hike rates by 22.8% for policies that would be written or renewed after Jan. 1. Poizner also rejected a subsequent recommendation made by a hearing examiner from his department who had reviewed the 22.8% proposal and suggested 15.4% instead.
In rejecting the recommendations made to him, Poizner cited the weakness of California's economy and high unemployment.
Potential cost-cutting measures contained in a landmark legal overhaul of workers' compensation laws in 2003 and 2004 have not been fully exploited even though rates have fallen by more than half in the last six years, he said.
"It's hard for me to understand why there would be no rate increase," said Scott Hauge, president of Small Business California and a San Francisco insurance broker.
read whole article here
marc.lifsher@latimes.com
Copyright © 2009, The Los Angeles Times
Comment: As in most things relating to health, workers compensation insurance rates can be held down by serious consideration of maintaining a healthy safe working environment, handling small industrial mishaps internally and continue to educate employees in safe working environment policies.
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