Insurance Commissioner Posts Details on Rate Decrease

West Virginia Offices of the Insurance Commissioner has posted online the individual classification code changes after double-digit decreases in voluntary market and assigned-risk loss-cost rates take effect on Nov. 1. Insurance Commissioner Michael D. Riley approved a 12.1% reduction in voluntary market rates and an average 15.3% cut in assigned-risk rates. The tables posted online show individual rates vary dramatically by class codes: In the assigned-risk market, for example, the loss-cost rate is 59 cents per $100 of payroll for analytical chemists, but $18.60 for freight handlers. The I...