Employers Will See $43 Million Savings in WC Premiums

The National Council on Compensation Insurance is recommending a 12.1% reduction in West Virginia loss costs effective Nov. 1, Gov. Earl Ray Tomblin said Friday in a press release. Tomblin said the latest reduction, if approved by the state Insurance Commissioner Michael D. Riley, will be the 11th reduction in 11 years, creating a cumulative reduction of 63.7% and an aggregate savings to employers of $323 million. He credited a decision by state lawmakers to privatize the state's workers' compensation system starting in 2006. NCCI has also recommended a 15.3% decrease in assigned...