California state fund revises broker of record policy

California’s State Compensation Insurance Fund announced it has revised its broker of record policy, as well as filed for a 5.2 percent overall rate increase for 2011. The rate filing also includes changes that it says will better serve employers in California’s workers’ compensation insurance market. The company said while it recognizes these are difficult economic times for California business owners, the rate increase reflects only the inflation to claims costs. "While focused on maintaining rate adequacy, we will also take another step in spreading underwriting credit to more appropriately price all businesses and provide new opportunities for savings and better pricing for the best risks," it said in a statement.