SCC Approves 12% Loss Cost Decrease

The Virginia State Corporation Commission approved an average 12% loss cost reduction for policies incepting on or after April 1. The SCC also approved an average 16.8% decrease in assigned risk rates. The 12% advisory loss cost reduction is for industrial classifications. The commission approved an average decrease of 11.1% for surface coal mine classifications and an average decrease of 11.6% for underground coal mine classifications. In addition to the 16.8% decrease in assigned risk rates for industrial classifications, the commission approved average assigned risk rate decreases of 14....