Va. to Consider 4.9% Workers’ Comp Hike in November

Virginia’s State Corporation Commission (SCC) has scheduled a November hearing to consider a request by the National Council on Compensation Insurance, Inc. (NCCI) to increase workers compensation premium levels for industrial classes by an average 4.9 percent in the voluntary market.

NCCI is also seeking to raise the assigned risk premium levels for industrial risks by an average 10.2 percent.

Rates for all other classes including coal mines would decrease by as much as 15.6 percent under the filing.

The proposed changes, if approved, would become effective on April 1, 2005, for new and renewal policies.

NCCI, a Florida-based ratemaking organization, represents insurance companies licensed to write workers’ compensation insurance in Virginia.

The SCC hearing is scheduled for 10 a.m. on Tuesday, Nov. 9, 2004, in the Commission’s second floor courtroom located in the Tyler Building, 1300 East Main Street, in downtown Richmond.