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Garamendi seeks to reduce workers comp. rates

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California’s Insurance Commissioner John Garamendi said in a press release Thursday that he would probably recommend reducing workers’ compensation insurance rates at least 6.3 percent.

The announcement is the latest in a string of moves by the commissioner to lower the rates, an action he said will save the system billions of dollars.

The Workers’ Compensation Insurance Rating Bureau said that a 6.3 percent rate reduction would result in savings of $10 billion to $14 billion since 2003. The reduction would also bring the overall drop in the premium rate to 58 percent since 2003.

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