Hearing Set on NCCI's Call for 20% Rate Decrease

The Virginia State Corporation Commission will hold a public hearing in October on a proposal to cut average loss costs by more than 20% for the voluntary market. The decrease was recommended by the National Council on Compensation Insurance and would be one of the largest reductions in years. If approved by the Corporation Commission's Insurance Bureau, the decrease would follow average reductions of 10.7% for 2020, 13% in 2019 and 10.3% in 2018. The NCCI also has recommended an average 12.8% decrease for the assigned risk market, effective April 1, 2021. The recommendation c...