California's nonprofit State Compensation Insurance Fund announced a 10 percent rate decrease yesterday–far short of Insurance Commissioner John Garamendi's recommendation.
The SCIP action, for policies taking effect on or after July 1, comes a day after Mr. Garamendi called on workers' comp insurers to drop their rates by 16.4 percent.
State Fund acting President James C. Tudor said 10 percent “ensures State Fund's continued financial strength to fulfill our mission to California employers and their injured employees.”
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