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.
The State Corporation Commission said the changes are to become effective April 1, 2006 for new and renewal workers’ compensation policies.
For industrial risks, a voluntary market loss cost increase of 9.9 percent has been 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 (surface and underground) insured in the voluntary market, the state approved a 7 percent reduction in loss costs; for coal mine policies insured as assigned risks, the state ordered a 20 percent cut in rates.
The National Council on Compensation Insurance sought loss cost and assigned risk rate adjustments on behalf of insurers in the state, although the group’s requests varied slightly from what the state finally approved. Coal mine rates were cut more than NCCI wanted.
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