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News | News Release Contact: Katha Treanor, (804) 371-9141
For Immediate Release: January 08, 2013
Listen SCC SETS WORKERS’ COMPENSATION PREMIUM LEVEL ADJUSTMENTS

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