Charleston West Virginia Economic Development

Discussions on Economic and Community Development in West Virginia and the Charleston MSA as well as issues of the Charleston Regional Chamber of Commerce.

Monday, May 19, 2008

BrickStreet to Implement Rate Changes

Some BrickStreet Insurance policyholders have begun receiving notification of rate changes that affect their current policies. These changes are the result of new workers' compensation rates established by the National Council on Compensation Insurance (NCCI) and approved by the West Virginia Offices of the Insurance Commissioner, effective July 1.

The changes affect current policies because of the Anniversary Rating Date Endorsement, which is part of the policy documents policyholders receive. BrickStreet is required to implement the new rates on the Anniversary Rating Date, which impacts policy premiums.

The premium has been recalculated to reflect the new rates and any applicable experience modification factor changes for policies that have Anniversary Rating Dates and/or Rating Effective Dates of July 1. If the recalculation resulted in additional or return premium, it may be spread across the policyholder's remaining installments. If there are no remaining installments, the policyholder will be billed for the additional premium and any return premium will be applied at audit.

If you have any questions, please contact your local BrickStreet agent.


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