West Virginia Approves NCCI Recommendations on Workers Comp Rate Cuts
Charleston, WV (WorkersCompensation.com) – The West Virginia Office of the Insurance Commissioner has announced that the proposed overall average workers’ compensation loss cost level change of -9.1% and –14.3% decrease in the assigned risk rates have been approved as filed by NCCI. Both are effective as of November 1, 2012.
This is the seventh consecutive overall average loss cost level decrease filed in West Virginia since the conversion from a Monopolistic state fund to private competition. According to NCCI, with this approval the cumulative impact of loss cost level changes since 2006 is -40.4%.
Related Story, run July 19, 2012: WV Gov. Tomblin Announces Another Reduction For Workers' Compensation Loss Cost Rates