Insurers Seek 3.3% Workers Comp Premium Raise in Virginia

August 2, 2007

The Virginia State Corporation Commission (SCC) has scheduled an Oct. 30 hearing to consider an insurance industry request to increase the workers compensation premium levels for industrial risks insured in the voluntary market an average 3.3 percent and those for surface coal mines an average 4.8 percent.

At the same time, industrial employers insured through the involuntary market — the assigned risk plan — would see premiums increase an average 7.7 percent if the proposal is approved as filed. Surface coal mine operators in the assigned risk plan would pay an average 14.6 percent more.

The request was filed on behalf of insurers by the National Council on Compensation Insurance, Inc. (NCCI) with an effective date of April 1, 2008 for both new and renewal policies.

NCCI has also proposed overall premium levels decreases for the federal and underground coal mine classes in the voluntary and assigned risk markets. Premiums for voluntary market risks in the federal class would decline 17.8 percent, while assigned risks premiums would go down an overall 14.6 percent.

Underground coal mine classes insured in the volunyary market would see premiums decline 8.6 percent, while assigned risk premiums for this class would go down 3.6 percent.

The SCC hearing on the proposed changes is scheduled for 10 a.m. on Tuesday, October 30, 2007, in the SCC’s second floor courtroom located in the Tyler Building, 1300 East Main Street, in downtown Richmond.

Source: SCC

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