Virginia Regulators Approve Changes to Workers’ Comp Premium Levels

The Virginia State Corporation Commission approved on Thursday revisions to the premium levels charged for workers’ comp insurance in Virginia. The changes will become effective April 1, 2012, for new and renewal workers’ comp policies.

The approved changes will increase the overall premium levels for the industrial, federal, and surface and underground coal mine classifications in both the voluntary market and the assigned risk plan.

For the industrial classification, overall premium levels will go up by 10.5 percent for the voluntary market plan and 11.4 percent for the assigned risk plan. For the “F” (federal) classification, premium levels will be up by 2.8 percent for the voluntary market plan and 1.7 percent for the assigned risk plan.

For the coal mines (surface), they will be up by 16.8 percent for the voluntary market plan and 19.1 percent for the assigned risk plan. For coal mines (underground), premium levels will rise by 13.4 percent for the voluntary market plan and 13.4 percent for the assigned risk plan.

The Florida-based National Council on Compensation Insurance (NCCI) sought the revisions. NCCI represents insurers licensed to write workers’ comp insurance in Virginia.

Workers’ comp insurance provides medical care and wage replacement benefits to injured workers. Almost all Virginia employers are required to provide the coverage to their employees.