VA. ADOPTS NEW COMP RATES:

The State Corporation Commission has approved an increase in the workers’ compensation premiums for the largest class of Virginia employers. Employers in the industrial classification will see their premiums rise an average of 4.9 percent in the voluntary market and 10.2 percent for assigned risks. But federal employers and underground and surface coal-mining companies could see their premiums fall. Federal voluntary rates will drop 15.6 percent, surface-mine rates 12.2 percent and underground-mine rates 7.4 percent. Assigned-risk rates for federal, surface-mine and underground-mine risks will drop 11.7 percent, 5.5 percent and 2.4 percent on average, respectively. The changes, to become effective April 1, 2005, were sought by the National Council on Compensation Insurance.

Topics Virginia