Recently, State Fund submitted a proposed rate filing to the California Department of Insurance (CDI) with an effective date of December 1, 2024.
The filing proposes a number of changes, including:
- Overall reduction of 7.9% in collectible premium.
- Update pure premiums to the WCIRB’s 9/1/2024 proposed advisory level and lower LCM factors, resulting in an average base rate decrease of 8.3%.
- Updates to the minimum premium amount by class code, resulting in an average rate decrease of 0.8%.
- A change to the premium threshold for Schedule Rating eligibility from $25,000 of standard premium to $50,000 of standard premium, which allows for greater efficiency and speed during the quote and bind process.
We will provide more detailed information about each of these changes in the coming months as it becomes available from State Fund.
If you have questions, please feel free to call us, your official State Fund Access Partner, at 888-693-7892. We appreciate the opportunity to serve you and your clients.
Thank you,
Your Amwins’ Access State Fund Team
