RICHMOND — The State Corporation Commission (SCC) has approved revisions to the premium levels charged for workers’ compensation insurance in Virginia.
Workers’ compensation insurance provides medical care and wage replacement benefits to injured workers. Almost all Virginia employers are required to provide the coverage to their employees.
The National Council on Compensation Insurance (NCCI) sought the revisions. The changes approved by the SCC will increase the overall premium levels for industrial classes and surface coal mines in both the voluntary market and the assigned risk plan.
Overall premium levels will decrease for underground coal mines and federal (“F”) classes in both the voluntary and assigned risk markets. The changes will become effective April 1, 2008, for new and renewal workers’ compensation policies, as follows:
| Class |
Voluntary
Market Loss Costs |
Assigned
Risk Rates |
|
Proposed |
SCC
Approved |
Proposed |
SCC
Approved |
| Industrial |
+3.3% |
+2.5% |
+7.7% |
+9.9% |
| “F” (Federal) |
-17.8% |
-17.8% |
-14.6% |
-15.7% |
|
Coal Mines (Surface) |
+4.8% |
+0.1% |
+11.9% |
+10.4% |
| Coal
Mines (Underground) |
-8.6% |
-12.3% |
-3.6% |
-4.5% |
NCCI, a Florida-based ratemaking organization, represents insurance companies licensed to write workers’ compensation insurance in Virginia.
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Case Number INS-2007-00224