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INSURANCE COMMISSIONER JOHN GARAMENDI SEES POTENTIAL SAVINGS
FROM LATEST ROUND OF WORKERS’ COMPENSATION REFORM
September 15, 2004
SAN FRANCISCO – A statement from Commissioner John Garamendi on
today's Workers' Compensation Pure Premium hearing:
“Today the Workers’ Compensation Insurance Rating Bureau (WCIRB)
has proposed a 3.5 percent increase in the pure premium rate, to become
effective January 1, 2005. This is only half the story. I have also received
valuable information from experts and industry concerning the status of
the workers' compensation system. SB 899 requires that regulations be
written before it can be fully implemented. The Division of Workers' Compensation
Administrative Director stated that the regulations should yield cost
savings. When the regulations are in place we may find sufficient savings
to more than offset the WCIRB’S recommended 3.5 percent increase,
and continue the rate reductions that commenced with the 2003 reforms.”
last updated:
September 29, 2004
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Diversified Risk Insurance Brokers
phone: 510/547-3203 fax: 510/547-5648
5900 Christie Ave
License # 0529776
Emeryville, California 94608
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