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.
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