State expects $36 million reduction in comp premiumsPosted On: Aug. 1, 2016 12:00 AM CST
West Virginia employers will soon see a projected $36 million reduction in workers compensation premiums, Gov. Earl Ray Tomblin said.
A workers comp loss cost rate decrease of 14.7%, proposed by the National Council on Compensation Insurance Inc., will take effect on Nov. 1, the governor said in a Friday statement.
This is West Virginia's 12th straight rate cut, according to the statement, which notes that a 14.4% decrease for the assigned risk market was also filed by Boca Raton, Florida-based NCCI.
Having seen a savings of more than $352 million since the state's workers comp system was privatized in 2006, employers will soon benefit from the projected $36 million reduction in premiums, Gov. Tomblin said in the statement.
“These consistent premium reductions are resulting in a climate that fosters growth and innovation among West Virginia businesses,” Gov. Tomblin said in the statement. “The fiscally responsible policies we put in place years ago are paying off for companies and are helping us realize continued job expansion in our state.”