SACRAMENTO, Calif. /California Newswire/ — Governor Arnold Schwarzenegger today issued the following statement after Insurance Commissioner Steve Poizner announced his rejection of a filing submitted on behalf of insurers by the Workers’ Compensation Insurance Rating Bureau seeking a rate increase of almost 28 percent:
“I applaud Commissioner Poizner for holding the line on cost increases to employers for the third year in a row by rejecting the overwhelming increase that had been recommended by the Workers’ Compensation Insurance Rating Bureau. Now is the absolute worst time to saddle California employers with additional cost burdens, and I am pleased that the commissioner agrees that insurance companies must take full advantage of the numerous cost controls made available in 2004’s comprehensive reforms before doing so.”
In August, Governor Schwarzenegger sent a letter to Commissioner Poizner expressing his concerns about the impact an increase in premiums would have on businesses in California.
