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Final Stage of Workers' Compensation Privatization |
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| 11/13/2008 | |
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November 13, 2008-- West Virginia employers are under a statutory obligation to maintain workers' compensation insurance coverage in order to provide their employees with medical benefits and compensation for lost wages due to injury, occupational disease, or death arising from their employment. Beginning in January 2009, the final stage of workers' compensation privatization will occur in West Virginia. BrickStreet Insurance will no longer be the insurer of last resort and will begin issuing non-renewal notices to certain businesses with high loss ratios 60 days prior to expiration of the policy. The 60-day notification will begin in mid-November for policies that expire on or after January 15, 2009.It is important that after receiving a notice of non-renewal, you promptly begin the process of obtaining coverage with another workers' compensation carrier in order to avoid a break in coverage for your employees. The Legislature placed into law an avenue to ensure those businesses that have been declined coverage by two carriers may obtain coverage through the residual market. The National Council on Compensation Insurance, Inc. (NCCI) serves as the administrator for the West Virginia's Assigned Risk Plan. Information about the Plan can be provided by your insurance agent. Therefore, if you do not currently have an insurance agent, it is in your best interest to obtain an agent as soon as possible. If you have questions, please feel free to contact Karen Price at the West Virginia Manufacturers Association and we will assist you through this process as much as possible. |