Virginia’s State Corporation Commission has scheduled a November 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 represents the state’s insurers.
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%
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%
Coal Mines (Underground) -10.7%
The SCC hearing on the proposed changes is scheduled for 10 a.m. on Wednesday, Nov. 9, 2005, in the SCC’s second floor courtroom located in the Tyler Building, 1300 East Main Street, in downtown Richmond.
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