Workers' Comp Rate Drop to Save West Virginia Employers $36 Million
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 Friday 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 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. The new rate is effective Nov. 1.