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 an increase in the overall premium level for the federal and surface coal mine classifications in both the voluntary market and assigned risk plan. Overall premium levels would decrease for the industrial and underground coal mine classes in the voluntary and assigned risk markets. The proposed changes, which would become effective on April 1, 2009, for new and renewal workers’ comp policies, are as follows:
| Class | Voluntary Market Loss Costs | Assigned Risk Rates |
|---|---|---|
| Industrial | -1.4% | -5.0% |
| “F” (Federal) | +5.5% | +3.2% |
| Coal Mines (Surface) | +10.2% | +8.0% |
| Coal Mines (Underground) | -15.2% | -18.2% |
NCCI, a Florida-based ratemaking organization, represents insurance companies licensed to write workers’ comp insurance in Virginia.
The SCC hearing on the proposed changes is scheduled for 10 a.m. on Tuesday, Oct. 28, 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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