CHARLESTON, W.Va. — Gov. Earl Ray Tomblin announced Friday West Virginia employers will see a projected $43 million reduction in workers’ compensation premiums in the coming year.
Since the program was privatized in 2006, there’s been a saving of more than $323 million.
The National Council on Compensation Insurance recently filed a proposed reduction in workers’ compensation loss cost rates with the Offices of the West Virginia Insurance Commissioner for the 11th time in 11 years.
“For years, we have worked hard to create a business climate in West Virginia that encourages companies to innovate and expand,” Tomblin said. “This rate reduction shows our prudent and fiscally responsible policies are helping businesses operating here, and they are benefiting from both lower taxes and lower workers’ compensation insurance premiums.”
A proposed overall decrease of 12.1 percent with the Offices of the West Virginia Insurance Commissioner is effective Nov. 1.