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 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 decrease 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 1, 2013, for new and renewal workers’ compensation
policies, as follows :
Schedule showing proposed workers' compensation premium adjustments
|
Class
|
Voluntary Market Loss Costs
|
Assigned Risk Rates
|
|
Industrial
|
-05.7%
|
+07.3%
|
|
“F” (Federal)
|
-02.1%
|
+14.4%
|
|
Coal Mines (Surface)
|
+4.9%
|
+19.0%
|
|
Coal Mines (Underground)
|
-14.5%
|
-03.9%
|
NCCI, a Florida-based ratemaking organization, represents insurance companies licensed
to write workers’ compensation insurance in Virginia.
Virginia’s workers’ compensation rates remain among the lowest in the country.
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Case Number INS-2012-00144