California Insurance Commissioner John Garamendi, whose recommendations have been largely ignored by insurers, yesterday called for a fourth consecutive decrease in workers' compensation premium rates, this time by 15.3 percent.
This latest non-binding recommendation would bring to 46.2 the total reduction in premiums that the commissioner has called for since workers' compensation reforms were enacted in California in 2003.
Mr. Garamendi's proposed decrease is less than that called for by the state Workers Compensation Insurance Review Board, which asked for a 15.9 percent decrease in pure premium.
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