West Virginia Gov. Jim Justice announced a proposed workers compensation loss cost reduction of 8.3%, which could save employers $16 million, according to a statement released Monday.
Boca Raton, Florida-based National Council on Compensation Insurance proposed the premium reduction, which will be the 16th consecutive year the state has experienced loss cost decreases, accounting for a cumulative 78% reduction from pre-reform workers compensation levels.
The decrease applies to all standard classifications, but a proposed 11% decrease for the assigned risk market has also been filed with the West Virginia Offices of the Insurance Commissioner.
The change is slated to take effect Nov. 1, 2020.
The National Council on Compensation Insurance has filed a proposed overall average workers compensation voluntary rate decrease of 10.3% with the West Virginia Offices of the Insurance Commissioner.