The National Council on Compensation Insurance recently filed the recommendation with the State Corporation Commission. If approved by the commission, voluntary loss costs would drop an average of 12.4 percent while employers in the assigned risk category would see an average decline of 14.1 percent. Loss costs are one component used by Virginia insurers to determine final workers' comp rates.
According to the filing, NCCI said it made the recommendation because frequency continues to decline in Virginia and the rate at which medical costs are increasing continues to moderate. The reduction employers will realize under the proposal varies from industry to industry. For example, office and clerical employers could see an average 14.9 percent decrease while manufacturers may have their rates drop by an average of 10.3 percent.
Read more at the WorkersComp Forum homepage.
September 7, 2010
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