The State Corporation Commission (SCC) has approved revisions to the premium levels charged for workers’ compensation insurance in Virginia. Almost all Virginia employers are required to carry the coverage.
The National Council on Compensation Insurance (NCCI) sought the revisions. The changes approved by the SCC for the surface and underground coal mine classifications, in both the voluntary and assigned risk markets, are substantially lower than the rates originally proposed by NCCI. Those changes will decrease the overall loss costs and premium levels in the voluntary and assigned risk markets for the underground coal mine classification. Overall premium levels will increase for all other classes in both the voluntary and assigned risk markets.
The changes will become effective April 1.
Was this article valuable?
Here are more articles you may enjoy.
Texas Camp’s Reopening Draws Outrage, but Some Families Want to Return 
Rare Weather Warning Issued as Strong Gusts Fuel Colorado Wildfire Threats 
Trump Sues BBC for $10 Billion Over Documentary Edit 
Tesla Drivers Are Buying Escape Tools and Cars to Avoid Getting Trapped Inside 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.