Virginia to Weigh Workers’ Comp Rates

Virginia’s State Corporation Commission has scheduled a November hearing to consider a request filed by the National Council on Compensation Insurance, Inc. to adjust the premium levels charged for workers’ compensation insurance.

NCCI has proposed an increase in the overall premium level for surface coal mines in the voluntary market and assigned risk plan.

Overall premium levels would decrease for all other classes in both the voluntary and assigned risk markets. The proposed changes, which would become effective on April 1, 2007, for new and renewal workers’ compensation policies, are as follows:

Class Voluntary Market Loss Costs Assigned Risk Rates
Industrial -7.9% -8.2%
“F” (Federal) -13.4% -19.2%
Coal Mines (Surface) +9.9% +7.3%
Coal Mines (Underground) -13.4% -17.2%

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

The SCC hearing on the proposed changes is scheduled for 10 a.m. on Thursday, November 2, 2006, in the Commission’s second floor courtroom located in the Tyler Building, 1300 East Main Street, in downtown Richmond.

Source: SCC