SCC Sets Hearing on Va. Workers’ Comp Premium Level Adjustments
The State Corporation Commission (SCC) has scheduled a November 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 in Virginia.
Workers’ compensation insurance provides medical care and wage replacement benefits to injured workers. Almost all Virginia employers are required to carry the coverage.
No change is proposed by NCCI in the overall premium level for industrial classifications in the assigned risk plan.
Overall loss costs and premium levels would increase for all other classes in both the voluntary and assigned risk markets. The proposed changes, would become effective on April 1, 2003, for new and renewal workers’ compensation policies.
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