VACAVILLE, CA --- State Compensation Insurance Fund today announced its first-ever tiered rating plan has been filed with the California Department of Insurance. The plan will apply to policies renewing or incepting on or after September 1, 2012.
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 underwriters will be able to start quoting under tiered rating August 1, 2012.“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.”
EDITOR’S NOTE: Established in 1914 by the state legislature, State Fund is California’s largest provider of workers’ compensation insurance and a vital asset to California businesses. Completely self supporting, State Fund plays a stabilizing role in California’s economy by maintaining an open door policy that ensures all employers have a strong and stable option for their workers’ compensation needs.