One of West Virginia's primary factors in establishing workers' compensation insurance premiums is expected to decrease 8.1 percent in November, saving the state's 36,000 employers more than $25 million.
Since West Virginia privatized workers' comp insurance on Jan. 1 2006, the rates have decreased a cumulative total average of 43.7 percent, and if Michael Riley, West Virginia's acting insurance commissioner, accepts the newest recommendation, starting Nov. 1, overall rates will be 51.8 percent lower than they were in 2005, when West Virginia was the only workers' comp provider.
The National Council on Compensation Insurance Inc., West Virginia's rating and statistical agent, endorsed the reduction to Riley in a July 15 letter. William Kenny, deputy state insurance commissioner, says the Offices of the Insurance Commission are going over the NCCI filing, and he anticipates Riley will issue a ruling by mid-August.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
