State Corporation Commission sets workers compensation premium level adjustments

economic-forecast-headerThe State Corporation Commission (SCC) has approved revisions to the premium levels charged for workers’ compensation insurance in Virginia.

Workers’ compensation insurance provides medical care and wage replacement benefits to injured workers. Almost all Virginia employers are required to provide the coverage to their employees.

The National Council on Compensation Insurance (NCCI) sought the revisions. The changes approved by the SCC will increase the overall premium level for the surface and underground coal mine classifications in the voluntary market and the assigned risk plan and the industrial classification in the voluntary market. They will decrease the overall premium level for the federal classification in the voluntary market and assigned risk plan and the industrial classification in the assigned risk plan.

The changes will become effective April 1, 2015, for new and renewal workers’ compensation policies, as follows:

Schedule showing proposed workers’ compensation premium adjustments
Class Voluntary Market Loss Costs Assigned Risk Rates
Industrial +0.9% -2.9%
“F” (Federal) -9.3% -14.7%
Coal Mines (Surface) +15.0% +6.4%
Coal Mines (Underground) +10.1% +1.0%

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

Virginia’s workers’ compensation rates remain among the lowest in the country.

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