Virginia officials have approved revisions that could lower workers’ compensation insurance premiums for many employers, although some sectors will see increases.
Overall premium levels will decrease for underground coal mines an average 15.6 percent in the voluntary market and even more — 18.7 percent — in the assigned risk plan.
Rates for risks insured as industrial classes will also go down: an average of 1.4 percent for voluntary market risks and 5.0 percent for assigned risk plan accounts.
The changes approved by the State Corporation Commission will also increase the overall premium levels for surface coal mines and federal (“F”) classes in both the voluntary market and assigned risk plan. For surface coal mines, there will be an average 9.8 percent increase for voluntary market risks and a 7.4 percent in the assigned risk plan.
For employers falling under the federal classification and insured in the voluntary market, the increase is 5.5 percent; it is 3.2 percent for the assigned risk plan.
The SCC approved the rate revisions in response to rate recommendations from the insurance companies’ rating bureau, the National Council on Compensation Insurance (NCCI).
The changes will become effective April 1, 2009, for new and renewal workers’ compensation policies.
Almost all Virginia employers are required to provide the coverage for their employees.
Source: State Corporation Commission
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