Virginia OKs Changes to Workers’ Comp Premium Levels

Virginia’s State Corporation Commission (SCC) announced on Jan. 8 that the commission approved revisions to the premium levels charged for the state’s workers’ comp insurance.

The National Council on Compensation Insurance (NCCI) sought the revisions. The changes will raise the overall premium levels for surface coal mine classifications in both the voluntary market and the assigned risk plan and for the industrial and federal classes in the assigned risk plan.

Overall premium levels will decline for underground coal mines in the voluntary market and the assigned risk plan and for the industrial and federal classifications in the voluntary market. The changes will become effective April 2013, for new and renewal workers’ comp policies, as follows:

• In the industrial class, voluntary market loss costs will decrease by 5.7 percent and assigned risk rates will rise by 7.3 percent.
• In the federal class, voluntary market loss costs will decrease by 2.1 percent and assigned risk rates will increase by 14.4 percent.
• In the surface coal mines class, voluntary market loss costs will increase by 4.9 percent and assigned risk rates will increase by 19 percent.
• In the underground coal mines class, voluntary market loss costs will decrease by 14.5 percent and assigned risk rates will decrease by 3.9 percent.

Topics Workers' Compensation Virginia