Riley Approves 9.1% Loss-Cost Decrease

Acting West Virginia Insurance Commissioner Michael Riley has approved a 9.1% decrease in loss costs in the voluntary workers' compensation market and a 14.3% decrease in assigned risk rates, effective Nov. 1.The National Council on Compensation Insurance (NCCI) called for the decreases on July 15. Riley approved the changes on Tuesday.Gov. Earl Ray Tomblin said in a press release the reductions will save employers about $37 million and mark the eighth consecutive loss-cost reduction since West Virginia's conversion to a private market.State lawmakers launched BrickStreet Mutual Insura...