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West Virginia Gov. Jim Justice on Wednesday announced that the National Council on Compensation Insurance filed a proposed workers compensation loss cost decrease of 12.7%, effective Nov. 1.
This latest filing represents the 19th consecutive year of decreases, and a projected $20 million in savings to West Virginia employers as loss costs are factored in when calculating rates, according to a statement.
Since the state’s workers compensation program was privatized in 2006, the market has experienced approximately $466 million in premium savings, the governor’s office said.
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