NCCI seeks 9.1% reduction in W.Va. workers comp loss cost ratesPosted On: Jul. 20, 2012 12:00 AM CST
CHARLESTON, W.Va.—NCCI Holdings Inc. is seeking to reduce West Virginia workers compensation loss cost rates by 9.1% beginning Nov. 1, West Virginia Gov. Earl Ray Tomblin announced Wednesday.
The filing will result in West Virginia employers experiencing premium reductions totaling $37 million and annual premium savings of $207 million resulting from workers comp reforms adopted in 2006, the governor said.
NCCI also filed a 14.3% rate decrease for residual market policyholders.
“We've done a lot in recent years to reduce the cost of doing business in West Virginia and now our businesses are reaping the rewards of both lower taxes and lower workers' compensation insurance premiums,” Gov. Tomblin said in a statement. “These new rates and subsequent financial savings for our businesses are an excellent sign that our state continues to move in the right direction for continued job growth.”