West Virginia Workers' Compensation Becomes Competitive

Today is the day that West Virginia's Workers' Compensation system becomes a competitive system as opposed to a monopolistic system. A bill signed into law in 2005 started the transition from a state-run system to the private market.

According to the insurance commissioner, over 160 insurers have filed the necessary paperwork to begin offering Workers' Compensation insurance to employers in the state. In 2005, when the law was passed, the West Virginia state-run system was almost bankrupt and employees and employers alike urged their legislators to take action. Privatization and competition occurred in steps with today being the deadline for the final transition to a competitive market.