California workers compensation insurance companies have been passing along only about two-thirds of the costs savings they've seen in recent years, according to state insurance commissioner John Garamendi, and should further reduce their rates in the coming months.
Data collected by the California Department of Insurance, he said, shows that the costs of claims have been reduced by approximately 36.5 percent since the first legislative reforms were enacted under Gov. Gray Davis in 2003.
"The overall result of those reforms is a plunge, not a fall, not a dramatic decrease, a plunge in the costs of workers' compensation claims," said Mr. Garamendi
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