Workers' comp rates to rise 10.1 percent. (Insurance Update).While no one expects the South to rise again, workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. insurance rates in California have. In May, the California Department of Insurance The California Department of Insurance (CDI), established in 1868, is the angency charged with overseeing the regulation of insurance regulations, enforcing statutes mandating consumer protections, educating consumers, and fostering the stability of insurance markets in the state approved a 10.1 percent increase in average workers' compensation pure premium rates. The increase applies to policies that begin or are renewed beginning July 1. This mid-year increase follows on the heels of a 10.2 percent average increase that began Jan. 1, 2002. The DOI (Digital Object Identifier) A method of applying a persistent name to documents, publications and other resources on the Internet rather than using a URL, which can change over time. says the rate increases have been due to: sharp increases in medical costs; intense competition among insurers that drove worker compensation insurance prices below cost, to the point where some insurers could not afford to offer those prices; and the demise of the state's largest worker's comp comp See comparison. insurance company, Superior National, in 2000. |
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