The State Corporation Commission in Richmond has approved revisions to the premium levels charged for workers’ compensation insurance in Virginia. The National Council on Compensation Insurance sought the revisions. The changes approved by the SCC will decrease the overall premium level for industrial and federal classifications in the voluntary market and in the assigned risk plan. Overall loss costs and premium levels will increase for the surface and underground coal mining classes in both the voluntary and assigned risk markets. The changes will become effective April 1, 2004, for new and renewal policies. For voluntary risks, the approved rate changes are: Industrial, -6.7 percent; Federal, -12.4 percent; Coal Mines (surface), 7 percent; and Coal Mines (underground), 7 percent. For the assigned risk, the rates change will be: Industrial, -3.8 percent; Federal, -12.2 percent; Coals Mines (surface), 10 percent; and Coal Mines (underground), 5.2 percent.
Was this article valuable?
Here are more articles you may enjoy.
FBI Involved After Two Florida Injury Lawyers Go Missing From Fishing Trip 
High-Net-Worth Risk Appetite Drops as Some Regions Show Stabilization 
Relief But Questions on Agents’ Duties to Insureds After Florida Court Ruling 
Litigation Funding, Other New Laws in SE States Could Impact Liability Insurance From This Issue
