NU Online News Service, July 9, 3:49 p.m. EDT
The president of a California insurers' trade group said the state insurance commissioner, by rejecting a hike in workers' compensation insurance rates, isn't facing facts.
"Our reaction here at the ACIC was that the commissioner's action appears to be unrealistic," said Sam Sorich, president of the Association of California Insurance Companies. "There is clear evidence that costs are increasing and, in fact, the commissioner's own actuaries recommended, I think, a 13 percent increase in rates and the commissioner decided to ignore that recommendation."
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