West Virginia: Insurance officials approve 6 percent cut in WC rates

The West Virginia Insurance Commission recently approved a loss cost filing that will result in a 6 percent average decrease in workers' compensation rates.

Most employers should see a decline in their workers' comp premiums when the National Council on Compensation Insurance filing goes into effect Nov. 1. Building material employers will see their rates drop by an average of more than 20 percent while mining industry companies will see rates decrease by an average of more than 15 percent.

More than 80 percent of employment classification codes will see decreases. However, the salespersons and collectors classification rating will see an increase of more than 21 percent, officials said.

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Commissioner Jane L. Cline said loss costs have dropped 40 percent, including the latest rate cut, since West Virginia privatized its workers' comp system in 2006.

Read more at the WORKERSCOMP Forum^TM homepage.

September 25, 2009

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