State Compensation Insurance Fund announces its first-ever tiered rating plan has been filed with the California Department of Insurance.
Although manual rates will increase for some classifications, the rate filing calls for a zero net increase in overall rates. The move will expand State Fund's rate ranges, improving the organization's ability to provide the right price for the right risk-a key component in its commitment to help California employers manage the cost of insurance.
State Fund anticipates underwriters will be able to start quoting under tiered rating in Q4.
"This rate filing is an important step in improving our ability to fulfill our mission," said Tom Rowe, State Fund President and CEO. "State Fund's role in California's economy is to provide the state's businesses with a strong, stable and fairly priced choice for their workers' compensation insurance. We expect our new pricing structure will appropriately serve more California employers."
