The National Council on Compensation Insurance (NCCI) has filed a proposed reduction in workers’ compensation loss cost rates in West Virginia – the tenth reduction in 10 years.
NCCI, West Virginia’s rating agent, has proposed an overall 9.1 percent loss cost rate decrease effective Nov. 1, 2014.
The decrease amounts to $32 million in savings for employers in the coming year.
Since the program was privatized in 2005, rates have been cut by $280 million.
“We’ve worked hard in West Virginia to create a business climate that encourages companies to innovate, expand and create new jobs,” said Gov. Earl Ray Tomblin. “With this rate reduction, our businesses are reaping the rewards of both lower taxes and lower workers’ compensation insurance premiums. The new rates are an excellent sign that our state continues to move in the right direction for continued job growth.”