California Insurance Commissioner John Garamendi recommended on Thursday an additional 15.3% cut in workers’ compensation insurance rates paid by businesses to cover employees injured at work.
Garamendi’s recommended cuts are for policies renewed after 2006.
The insurance commissioner has no legal authority to dictate rates. Insurance carriers use Garamendi’s recommendation as a benchmark when setting rates for policy renewals.
Garamendi said workers’ comp rates had declined 36.5% since July 1, 2003, following reform signed by Gov. Arnold Schwarzenegger.
