SCC sets hearing on workers compensation premium levels

economic-forecast-headerThe State Corporation Commission (SCC) has scheduled an October hearing to consider a request filed by the National Council on Compensation Insurance, Inc. (NCCI) to adjust the premium levels charged for workers’ compensation insurance.

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

NCCI has proposed a decrease in the overall premium level for the industrial classification in the assigned risk plan and for the federal classification in the voluntary market and assigned risk plan. It has proposed an increase in the overall premium level for the industrial, surface coal mine, and underground coal mine classifications in the voluntary market and the surface and underground coal mine classifications in the assigned risk plan.

The proposed changes, which would become effective on April 1, 2015, for new and renewal workers’ compensation policies, are as follows:

Schedule showing proposed workers’ compensation premium adjustments
ClassVoluntary Market Loss CostsAssigned Risk Rates
Industrial+0.9%-2.9%
“F” (Federal)-9.3%-14.7%
Coal Mines (Surface)+15.0%+6.9%
Coal Mines (Underground)+10.1%+1.7%

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 Tuesday, October 21, 2014, in the Commission’s second floor courtroom located in the Tyler Building, 1300 East Main Street, in downtown Richmond. Anyone wishing to speak at the hearing as a public witness should arrive by 9:45 a.m. and sign in with the Commission bailiff.

Written comments on the proposed changes must be submitted by October 7, 2014. All correspondence should be sent to the Clerk of the State Corporation Commission, Document Control Center, P.O. Box 2118, Richmond, Virginia 23218-2118, and refer to case number INS-2014-00172.

Interested persons desiring to submit comments electronically may do so at the SCC’s website at www.scc.virginia.gov/case. Click on the PUBLIC COMMENTS/NOTICES link and then the SUBMIT COMMENTS button for case number INS-2014-00172.

         
 

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