Virginia Sets Hearing on Workers’ Comp Premium Level Adjustments

August 6, 2014

Virginia’s State Corporation Commission (SCC) has scheduled an October hearing to consider a request filed by the National Council on Compensation Insurance Inc. (NCCI) to adjust the premium levels charged for workers’ compensation insurance.

NCCI has proposed a decrease in the overall premium level for the industrial classification in the assigned risk plan and for the federal classification in the voluntary market and assigned risk plan. It has proposed an increase in the overall premium level for the industrial, surface coal mine, and underground coal mine classifications in the voluntary market and the surface and underground coal mine classifications in the assigned risk plan.

The proposed changes, which would become effective on April 1, 2015, for new and renewal workers’ comp policies, are as follows:

  • In the industrial class, voluntary market loss costs would increase by 0.9 percent and assigned risk rates would decrease by 2.9 percent.
  • In the federal class, voluntary market loss costs would decrease by 9.3 percent and assigned risk rates would decrease by 14.7 percent.
  • In the surface coal mines classification, voluntary market loss costs would increase by 15.0 percent and assigned risk rates would increase by 6.9 percent.
  • In the underground coal mines classification, voluntary market loss costs would increase by 10.1 percent and assigned risk rates would increase by 1.7 percent.

The SCC hearing on the proposed changes is scheduled for 10 a.m. on Tuesday, Oct. 21, 2014, in the Commission’s courtroom located in the Tyler Building, 1300 East Main Street, in downtown Richmond.

Related Articles:
Virginia to Raise Penalties for Employers Without Workers’ Comp Coverage
Good News for Workers’ Compensation Industry: NCCI
Firing Fear Among New Predictors of Workers’ Comp Outcomes: WCRI

 

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