Summary
Notice is hereby given to employers providing workers' compensation insurance under the Workers' Compensation Act and to the public that National Council on Compensation Insurance, Inc. ("Applicant"), on behalf of its member insurers, has applied to the State Corporation Commission ("Commission") for approval of certain changes applicable to voluntary market advisory loss costs and assigned risk rates and rating values for new and renewal workers' compensation insurance policies becoming effective on and after April 1, 2011.
Applicant proposes advisory loss costs that Applicant's members may use along with their own expenses and profit and contingency factors in establishing the members' rates for policies written in the voluntary market. The proposed advisory loss costs would produce a decrease in the overall average pure premium level for the voluntary market industrial classifications of 12.4%. Applicant proposes changes to the advisory loss costs for "F" (Federal) classifications in the voluntary market that would produce an overall pure premium level decrease of 3.8%. Applicant proposes advisory loss costs for coal classifications 1005 and 1016 in the voluntary market that would produce an overall pure premium level decrease of 23.5% and an overall pure premium level increase of 0.6%, respectively. Applicant proposes a 14.1% decrease in the overall average rate level for industrial classifications in the assigned risk plan. Applicant proposes a 5.2% decrease in the overall average rate level for "F" classifications in the assigned risk plan and a 25.2% decrease and a 0.7% decrease in the overall average rate level for coal classifications 1005 and 1016, respectively, in the assigned risk plan. Applicant has submitted filings and testimony and exhibits in support of the proposed changes in advisory loss costs, assigned risk rates and rating values to the Commission. That information and other information filed by Applicant in support of its proposals, including the exact assigned risk rates and advisory loss costs for individual classifications, which will vary by classification and may be higher or lower than the overall increases or decreases stated above, may be seen at the Bureau of Insurance, Tyler Building, Richmond, Virginia, and at the Document Control Center of the Office of the Clerk of the Commission, First Floor, Tyler Building, 1300 East Main Street, Richmond, Virginia. The Commission has instituted an investigation into the changes proposed by Applicant and has set a public hearing thereon in Case No. INS-2010-00126 in its Courtroom, Second Floor, Tyler Building, Richmond, Virginia, at 10:00 a.m. on October 26, 2010. On or before August 20, 2010, all persons who expect to participate at the public hearing as a party respondent must file a notice of participation in conformity with the Commission's Rules of Practice and Procedure and deliver a copy to Applicant's counsel, Charles H. Tenser, Esquire, 2120 Galloway Terrace, Midlothian, Virginia 23113. Prepared testimony and exhibits of the witnesses to be offered at the hearing on behalf of each respondent, the Commission's Staff, and the Office of the Attorney General, shall be filed on or before September 10, 2010, in accordance with the Commission order setting the hearing. On or before October 1, 2010, Applicant shall file fifteen (15) copies of the rebuttal testimony and exhibits of each witness it intends to offer at the hearing and shall simultaneously deliver three (3) copies of same to counsel for each respondent, the Commission's Staff and the Office of Attorney General.See the full content of this document
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