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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 Bureau of Insurance. The approved changes go into effect April 1.
NCCI filed an application last summer seeking the 12.1 percent reduction for industrial classifications and had proposed a decrease of 14.1 percent for assigned risk rates, compared to the bureau's suggested 16 percent decrease for assigned risks. The methodology for calculating assigned risk rates 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.
March 24, 2011 Copyright 2011© LRP Publications |
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