Virginia officials have approved changes that will increase overall workers’ compensation premium levels in the voluntary market for the industrial and federal (F) classes while decreasing premiums levels for coal mine classes.
For industrial risks, a voluntary market loss cost increase of 9.9 percent was approved; for federal risks, a 9 percent increase. Rates for industrial policies in the assigned risk plan will go down 2.9 percent; for federal policies in the assigned risk plan, they will drop 0.4 percent. For coal mines insured in the voluntary market, the state approved a 7 percent loss costs cut; for coal mines assigned risks, a 20 percent cut in rates. The changes become effective April 1.
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