California's State Compensation Insurance Fund announced an average workers' compensation insurance rate reduction of 16 percent yesterday.
SCIP, which has half the California workers' comp market, is one of 39 insurers that have filed rate decreases in the last 18 days since California Insurance Commissioner John Garamendi called on insurers to implement a 15.3 percent decrease in the workers' comp pure premium advisory rate.
Mr. Garamendi said back then that insurers had cut rates just 26 percent since the state enacted reforms designed to save the comp system money. The cuts so far, he said, had been 10 percent less than he had recommended.
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