Virginia: Regulators approve loss cost decreases

Employers will see an overall decrease of 12.4 percent in voluntary loss costs after a ruling by the Virginia State Corporation Commission Bureau of Insurance.

The approved changes go into effect April 1.

The National Council on Compensation Insurance had filed an application last summer seeking the 12.1 reduction for industrial classifications and had additionally proposed a decrease of 14.1 percent for assigned risk rates compared to the bureau's suggested 16 percent decrease for assigned risks.

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There reportedly was a dispute over the methodology for calculating assigned risk rates, which will be reviewed by a work group. For this year, the bureau agreed to a 15.1 percent overall decrease in assigned risk rates for industrial classifications.

Read more at the WorkersComp Forum homepage.

March 3, 2011

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