Virginia insurance officials to consider increase in WC premiums

Virginia insurance officials have scheduled a hearing for October to consider increasing workers' compensation premiums for some employers in the state.

The National Council on Compensation Insurance recently filed a request with the State Corporation Commission to increase the overall premium level for the industrial, federal, surface coal mine, and underground coal mine classifications in both the voluntary market and assigned risk plan. The proposed changes would go into effect April 1, 2010, for new and renewal workers' comp policies.

Specifically, the filing requested:

Industrial -- 3 percent increase in voluntary market loss costs and a 1.1 percent increase in assigned risk rates.
Federal -- 4.4 percent increase in voluntary market loss costs and a 4.1 percent increase in assigned risk rates.
Coal mines (surface) -- 17.6 percent increase in voluntary market loss costs and an 18.1 percent increase in assigned risk rates.
Coal mines (underground) -- 1.7 percent increase in voluntary market loss costs and a 4.2 percent increase in assigned risk rates.

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The SCC hearing on the proposed changes is scheduled for Oct. 20 in the commission's second floor courtroom in Richmond, Va.

Read more at the WORKERSCOMP Forum^TM homepage.

August 27, 2009

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