The National Council on Compensation Insurance filed a proposed drop of 14.7 percent in workers’ compensation loss cost rates with the West Virginia Insurance Commissioner.
In response, West Virginia Gov. Earl Ray Tomblin says the state will save employers $36 million through lower workers’ compensation premiums.
Tomblin said in a news release that the savings result from a 12th reduction in workers’ compensation premiums in 12 years. Tomblin’s office says that amounts to a savings of more than $352 million since the program was privatized in 2006. The new rate is effective Nov. 1.
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