Virginia: Officials say some employers will see rates fall, others will see increases

Many employers in Virginia may see a decrease in their workers' compensation rates in 2009, according to officials. However, some businesses may see an increase in their rates under the recently announced plan.

The State Corporation Commission approved revisions to the premium levels, which were sought by the National Council on Compensation Insurance. NCCI, a Florida-based rate service organization, represents insurance companies licensed to write workers' comp insurance in Virginia.

According to the revisions, overall premium levels will decrease for underground coal mines and industrial classes in both the voluntary and assigned risk markets. Specifically, rates for underground coal mines will drop an average of 15.6 percent in the voluntary market and 18.7 percent in the assigned risk plan. Workers' comp rates for industrial classes will also decrease an average of 1.4 percent for the voluntary market and 5 percent for the assigned risk plan.

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SCC officials said the changes will increase the overall premium levels for surface coal mines and federal ("F") classes in both the voluntary market and the assigned risk plan. Specifically, surface coal mine classes will see an average 9.8 percent increase in the voluntary market and 7.4 percent increase in the assigned risk plan. Rates for employers in the federal classification will increase an average of 5.5 percent in the voluntary market and 3.2 percent in the assigned risk plan.

The changes will go into effect April 1 for new and renewal workers' comp policies.

December 16, 2008

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