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West Virginia Governor Announces Elimination of Workers’ Compensation Old Fund Deficit

31 Jan, 2022 WorkersCompensation.com

                               

Charleston, WV (WorkersCompensation.com) - The West Virginia Workers’ Compensation Old Fund, which in 2005 had a deficit of $3.5 Billion, now has a positive net balance, according to Gov. Jim Justice in his "State of the State" address.

The Worker's Compensation Old Fund, which provides workers compensation benefits to injured workers, now has a net positive asset balance of $57 million.

The Governor’s leadership has helped to generate $170 million for the fund during FY2021 alone. This is a 17.6% return for the year.

“We are now running the Workers’ Compensation program like a private insurance company would and it’s on the right path,” Gov. Justice said. “This once-enormous problem for our state has finally been resolved. Now, when a company is looking at moving to or expanding in West Virginia, we can add to our sales pitch that our Workers’ Compensation program is solvent and able to cover our hardworking West Virginians.”

The workers compensation system in the state of West Virginia has become a truly open and competitive market in the years since the legislation was put in place. In 2008, the program began to provide coverage for all claims which occurred before July 1, 2005. This has reduced premiums for all businesses in the state, and has improved the quality of the program as well.

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