Virginia’s State Corporation Commission has scheduled a Nov. 9 hearing to consider a request filed by the National Council on Compensation Insurance Inc. to adjust the premium levels charged for workers’ compensation insurance.
NCCI has proposed an increase in the overall premium level for industrial and federal (“F”) classifications in the voluntary market and the industrial classifications in the assigned risk plan. Overall premium levels would decrease for the coal classes in both the voluntary and assigned risk markets, as well as for the “F” class assigned risk rates.
The proposed changes, which would become effective on April 1, 2006, for voluntary market loss costs “F” are as follows: Industrial +8.7%; “F” (Federal) +9.0%; Coal Mines (Surface) -7.9%; and Coal Mines (Underground) -4.6%. For assigned risk rates, the proposed changes are: Industrial +1.5%; “F” (Federal) -0.4%; Coal Mines (Surface) -13.4%; and Coal Mines (Underground)-10.7%.
Was this article valuable?
Here are more articles you may enjoy.
Lemonade Books Q4 Net Loss of $21.7M as Customer Count Grows 
Insurance Broker Stocks Sink as AI App Sparks Disruption Fears 
Florida Insurance Costs 14.5% Lower Than Without Reforms, Report Finds 
Judge Awards Applied Systems Preliminary Injunction Against Comulate From This Issue
