By Matt Brady
California workers' compensation insurers have only been passing along about two-thirds of the cost-savings they've seen from reforms to the system in recent years, according to Insurance Commissioner John Garamendi, who called for further rate cuts.
Data collected by the California insurance department, he said, shows that the costs of claims have fallen by about 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, but a plunge in the costs of workers' compensation claims," said Mr. Garamendi.
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