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SACRAMENTO - California Insurance Commissioner Steve Poizner has rejected a request from insurance companies to increase a key benchmark that helps determine workers' compensation rates.
Poizner said Wednesday that the insurance companies had failed to contain costs and that the workers' compensation system is not operating efficiently. The insurers had sought to increase their average cost of care by nearly 24 percent.
That benchmark is used to set premiums charged to businesses for their workers' compensation insurance.
Poizner has only an advisory role, meaning insurance companies can choose to raise rates as much as they wish.
He says self-insured companies such as Safeway Inc. and the Walt Disney Co. are reporting decreased costs because they have adopted cost-saving measures. He urged insurance companies to do the same.
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