State Sets Residual Market Premium Rates, Effective Nov. 1

In the wake of the National Council on Compensation Insurance's recommendation of a 10.3% decrease in loss costs for West Virginia, the state has rolled out a list of assigned risk rates by class. The rates will go into effect Nov. 1. NCCI administers the West Virginia Assigned Risk Plan, also known as the residual market. Policyholders who purchase coverage through the residual market receive the same coverage and services provided by the voluntary market, the state said in a recently issued bulletin. Under the new rates, farm machinery operators will pay $4.11 per $100 in payroll;&nbs...