WASHINGTON–Employers in Virginia will get refunds amounting to $1-to-$1.2 million in November on their workers' compensation premiums as a result of a computer glitch at the National Council on Compensation Insurance, state regulators confirmed Friday.
The problem, which also developed in five other states, stemmed from calculations for loss costs and assigned-risk rates in 32 classifications based on incomplete payroll data in the Virginia NCCI applications approved effective April 1, 2003, April 1, 2004 and April 1, 2005, according to Mary M. Bannister, Virginia deputy insurance commissioner.
Ms. Bannister revealed the situation in a May 16 memo to all insurers licensed to write workers' compensation in the state.
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