Insurance Commissioner Steve Poizner today once again rejected a rate application from the Workers’ Compensation Insurance Rating Bureau (WCIRB) to raise the Workers’ Compensation Claims Cost Benchmark. After rejecting a slightly larger increase request in July of this year, the Commissioner this time rejected a proposed hike of 22.8% in the cost benchmark. This was yet another blow to the hopes of workers’ compensation insurers for an increased cost benchmark anytime soon.
The Commissioner explained....
Please see full publication below for more information.