California worker comp rates down slightly

SACRAMENTO, July 13 (UPI) -- California officials said Tuesday workers' compensation rates in the state were on a modest downward slope.

Insurance Commissioner John Garamendi's office said in a release that rate filings from insurance carriers showed a decline, although not the 21-percent reduction in the agency's May 28 advisory.

Cutting worker's comp costs were a major priority of Gov. Arnold Schwarzenegger's plan to revive the California economy.

The cumulative rate decline as of Tuesday was 10.38 percent, although Liberty Mutual proposed a 17.54-percent reduction in its rates and Republic Indemnity proposed a 20.48-percent cut.