July 01, 2005

Orion Risk Management would like to inform you about the Workers Compensation Insurance Rate Reduction effective 7/1/05

According to the Workers Compensation Insurance Rating Bureau “On March 25, 2005, WCIRB proposed changes to advisory pure premium rates and submitted them to the California Insurance Commissioner. The insurance commissioner issued a decision with respect to the WCIRB's filing. In the decision, the insurance commissioner approved an 18% decrease in advisory pure premium rates effective July 1, 2005, applicable to new and renewal policies with anniversary rating dates on or after July 1, 2005.”

In addition, all outstanding policies as of July 1, 2005 with anniversary dates on or after January 1, 2005 and before July 1, 2005 will receive a 3.8% rating discount.

This rate reduction will benefit all companies in the State of California. Finally, there will be some relief to the Worker’s Compensation premiums that employers have been forced to pay year after year.

While the WCIRB has recommended a reduction of 18%, not all companies have chosen to lower rates to that extent. Orion Risk Management keeps pace with all the latest developments and will be happy to discuss your current policy with you at any time.