West Virginia: NCCI files for 8th rate decrease since privatization
NCCI filed the proposed rate change in addition to a 14.3 percent drop in the residual market. Tomblin's office says it is the eighth consecutive decrease in loss cost rates since privatization of the workers' comp system. It accounts for a cumulative decrease of 60.9 percent from pre-reform levels. The state fund had been the sole workers' comp provider until lawmakers approved privatization. One private carrier, BrickStreet Mutual Insurance Co., began in January 2006 and the market opened for competition in July 2008.
This year's rate filing will save an estimated $37 million in projected premium for employers and an annual overall premium savings of $207 million following the 2006 workers' comp reform in the state.
"We've done a lot in recent years to reduce the cost of doing business in West Virginia and now our businesses are reaping the rewards of both lower taxes and lower workers' compensation insurance premiums," Gov. Tomblin said. "These new rates, and subsequent financial savings for our businesses, are an excellent sign that our state continues to move in the right direction for continued job growth."
Read more at the WorkersComp Forum homepage.
September 4, 2012
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