Workers’ comp rate drop to save West Virginia employers $36M

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CHARLESTON, W.Va. (AP) – 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.

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