One of West Virginia's primary factors in establishing workers' compensation insurance premiums is expected to decrease 8.1 percent in November, saving the state's 36,000 employers more than $25 million.
Since West Virginia privatized workers' comp insurance on Jan. 1 2006, the rates have decreased a cumulative total average of 43.7 percent, and if Michael Riley, West Virginia's acting insurance commissioner, accepts the newest recommendation, starting Nov. 1, overall rates will be 51.8 percent lower than they were in 2005, when West Virginia was the only workers' comp provider.
The National Council on Compensation Insurance Inc., West Virginia's rating and statistical agent, endorsed the reduction to Riley in a July 15 letter. William Kenny, deputy state insurance commissioner, says the Offices of the Insurance Commission are going over the NCCI filing, and he anticipates Riley will issue a ruling by mid-August.
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