SCC Sets Workers’ Comp Premium Level Adjustments

The State Corporation Commission (SCC) has approved revisions to the premium levels charged for workers’ compensation insurance in Virginia. Almost all Virginia employers are required to carry the coverage.

The National Council on Compensation Insurance (NCCI) sought the revisions. The changes approved by the SCC for the surface and underground coal mine classifications, in both the voluntary and assigned risk markets, are substantially lower than the rates originally proposed by NCCI. Those changes will decrease the overall loss costs and premium levels in the voluntary and assigned risk markets for the underground coal mine classification. Overall premium levels will increase for all other classes in both the voluntary and assigned risk markets.

The changes will become effective April 1.