California's state workers' compensation insurer, State Compensation Insurance Fund, said it filed a revision to its rating plan that will result in a 3.5 percent reduction in premium effective July 1.
The insurer said that while its base rates will remain unchanged, it has expanded its merit rating and claims-free discount plans to lower rates for policies with superior safety records. The new rate filing will affect new and renewal workers' comp policies with an effective date on or after July 1.
State Fund said that as it expands its “claims-free” credit, some small employers with superior safety records would see their claims-free discount increase from 10 percent to 13- or 15 percent. Additionally, for the first time new business accounts to State Fund may also qualify for a claims-free credit based on experience with their prior carrier.
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