Richmond, VA – 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 decrease the overall premium levels for the federal classifications in both the voluntary market and assigned risk plan and industrial and surface and underground coal mines in the assigned risk plan. They will increase the overall premium level for the industrial and surface and underground coal mine classifications in the voluntary market.
The changes will become effective April 1, 2014, for new and renewal workers’ compensation policies, as follows:
| Class | Voluntary Market Loss Costs | Assigned Risk Rates | ||
|---|---|---|---|---|
| Proposed | SCC Approved | Proposed | SCC Approved | |
| Industrial | +4.1% | +4.1% | -4.2% | -7.6% |
| “F” (Federal) | -2.3% | -2.3% | -7.4% | -10.7% |
| Coal Mines (Surface) | +18.0% | +18.0% | +4.4% | -1.6% |
| Coal Mines (Underground) | +18.0% | +18.0% | +4.2% | -2.2% |
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.
Source: VA SCC