The State Corporation Commission has approved revisions to the premium levels charged for workers’ compensation insurance in Virginia.
The changes in loss costs approved by the SCC will increase the overall premium level for surface coal mines in the voluntary market and assigned risk plan. Overall premium levels will decrease for all other classes in both the voluntary and assigned risk markets.
The changes will become effective April 1, 2007, for new and renewal workers’ compensation policies.
The National Council on Compensation Insurance (NCCI) sought the revisions on behalf of its member insurance companies.
The changes as approved by the SCC are as follows:
Class Voluntary Market Loss Costs Assigned Risk Rates
Industrial -7.9% -8.2%
“F” (Federal) -13.4% -19.2%
Coal Mines (Surface) +9.7% +6.9%
Coal Mines (Underground) -13.8% -17.4%
NCCI, a Florida-based ratemaking organization, represents insurance companies licensed to write workers’ compensation insurance in Virginia.
Source: SCC
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