Posts Tagged ‘workers compensation state funds’

West Virginia revokes 400 business licenses for defaulted workers compensation premiums

Monday, January 3rd, 2005

The West Virginia Department of Tax and Revenue, in conjunction with the Workers Compensation Commission (WCC), has revoked the business licenses of 400 employers that owe $2.4 million in workers’ comp premiums, interest, and penalties. West Virginia is one of 6 states with an exclusive state fund – in other words, WCC is the sole provider of workers compensation coverage in the state. According to recent news, WCC has more than $3 billion in unfunded liabilities and the idea of privatizing the state fund is under consideration. The unfunded liabilities in the state