The Virginia State Corporation Commission (SCC) scheduled a hearing in Richmond Oct. 27 on proposed adjustments to premiums levels charged for workers’ compensation insurance.
The National Council on Compensation Insurance (NCCI) proposed an increase in the overall premium level for the industrial (10.5%), federal (2.8%), and surface (16.8%) and underground (13.4%) coal mine classifications in the voluntary market, the SCC reported. It also proposed an increase in the overall premium level for the industrial (8.8%) and surface (15.7%) and underground (10.1%) coal mine classifications in the assigned risk plan, and no change for the federal classifications in the assigned risk plan.
If approved, adjustments would go into effect April 1, 2012.
NCCI, a Florida-based ratemaking organization, represents insurance companies licensed to write workers’ compensation insurance in Virginia.
The SCC hearing is scheduled for 10 a.m. on Oct. 27 in the Commission’s second floor courtroom located in the Tyler Building, 1300 East Main Street, Richmond, Va.
Va. looking for feedback on workers’ comp. premium increases via IFAwebnews .