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West Virginia Workers Comp Environment Is Changing

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Workers Comp Environment Changes 

The Workers Comp environment is changing in West Virginia.We are now closing in on West Virginia Workers Comp having an open market for Work Comp insurers to write policies as of 7/1/08. I have been asked often about what the market will look like as of 1/1/09.

Vector Illustration Of Trees West Virginia Workers Comp Environment Featured
By StockUnlimited

Brickstreet now has 100% of the market and will until 7/1/08. As I was quoted before in the Charleston Daily Mail, the insurance carriers will have to accept the Brickstreet model to enter the market as the data that NCCI has worked from to give Loss Cost Codes was data primarily provided by Brickstreet and data from “similar states.”

The actuary from NCCI that set the rates for West Virginia commented in a meeting last month that it will take a number of years to have true data to use for rate-setting purposes.

Overall, Brickstreet had a very huge and difficult task in taking on the claims directly from the Fund and taking on all new claims. However, the fund claims were sub-contracted out.

Hand Planting Workers Comp Environment Picture
By StockUnlimited

Back to the original question – I am unsure of how the market will look on 1/1/09. The closest state to West Virginia was Nevada in their Workers Comp situation. I think the main thing is that there be no outside interference to the market from any of the parties involved. The market will take care of itself as it has in many states for many years.

The West Virginia Insurance Commission website has a large amount of information. Commissioner Jane Cline has been very open with statistical information. Check out their website to find out a large amount of info.

West Virginia will need to monitor the PEO’s (Professional Employment Organizations) that will come into the state to write business. We will explore PEO’s later this week.

Next Up – The Most Common Error in Workers Comp Premiums

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James Moore

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Mgmt Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

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