VA SCC Sets Hearing on Workers' Compensation Premium Level Adjustments
Richmond, VA (Workerscompensation.com) - The State Corporation Commission (SCC) has scheduled an October hearing to consider a request filed by the National Council on Compensation Insurance, Inc. (NCCI) to adjust the premium levels charged for workers’ compensation insurance.
Workers’ compensation insurance provides medical care and wage replacement benefits to injured workers. Almost all Virginia employers are required to carry the coverage.
NCCI has proposed a decrease in the overall premium level for the industrial, federal, and underground coal mine classifications in the voluntary market and the underground coal mine classification in the assigned risk plan. It has proposed an increase in the overall premium level for the industrial, federal and surface coal mine classifications in the assigned risk plan and the surface coal mine classification in the voluntary market.
The proposed changes, which would become effective on April 1, 2013, for new and renewal workers’ compensation policies, are as follows:
| Class | Voluntary Market Loss Costs | Assigned Risk Rates |
|---|---|---|
| Industrial | -05.7% | +07.3% |
| “F” (Federal) | -02.1% | +14.4% |
| Coal Mines (Surface) | +4.9% | +19.4% |
| Coal Mines (Underground) | -14.5% | -03.5% |
NCCI, a Florida-based ratemaking organization, represents insurance companies licensed to write workers’ compensation insurance in Virginia.
The SCC hearing on the proposed changes is scheduled for 10 a.m. on Tuesday, October 16, 2012, in the Commission’s second floor courtroom located in the Tyler Building, 1300 East Main Street, in downtown Richmond. Anyone wishing to speak at the hearing as a public witness should arrive by 9:45 a.m. and sign in with the Commission bailiff.
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