The Virginia State Corporation Commission has scheduled a hearing for Oct. 16 to consider a request filed by the National Council on Compensation Insurance Inc. to adjust the premium levels charged for workers’ comp insurance.
NCCI has proposed a decrease in the overall premium level for the industrial, federal, and underground coal mine classifications in the voluntary market and the underground coal mine classification in the assigned risk plan.
Additionally, it has proposed an increase in the overall premium level for the industrial, federal and surface coal mine classifications in the assigned risk plan and the surface coal mine classification in the voluntary market. The proposed changes would become effective on April 1, 2013 for new and renewal workers’ comp policies.
NCCI, a Florida-based ratemaking organization, represents insurance companies licensed to write workers’ comp insurance in Virginia.
NCCI’s proposed workers’ comp premium adjustments are as follows:
For voluntary market loss costs, -05.7 percent for industrial; -02.1 percent for “F” (federal); +4.9 percent for coal Mines (surface); and -14.5 percent for coal mines (underground).
For assigned risk rates, +07.3 percent for industrial, +14.4 percent for “F” (federal), +19.4 percent for coal mines (surface); and -03.5 percent for coal mines (underground).
Workers’ compensation insurance provides medical care and wage replacement benefits to injured workers. Almost all Virginia employers are required to carry the coverage.
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