N.Y. Workers’ Comp Rates to Remain Unchanged with Filing Withdrawal

May 13, 2005

The New York Compensation Insurance Rating Board has withdrawn its proposed rate increase of 9.5 percent which means that workers’ compensation rates will remain at their current levels through Oct. 1, 2005.

NYCIRB originally sought last year a 29.3 percent increase in workers’ compensation insurance rates, which was rejected by the New York State Insurance Department in July 2004. The department determined at the time that the data NYCIRB submitted to support its request — combined with testimony and information gathered during three public hearings — did not substantiate the increase. The insurers’ rating bureau subsequently reduced its request to 9.5 percent. That rate request was the topic of a public hearing earlier this year.

The NYCIRB compiles and evaluates data from all of the state’s workers’ comp insurers in making its rate filings.

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Latest Comments

  • May 13, 2005 at 4:44 am
    view from the crow's nest says:
    Watch out! Soon you will hear our governor bragging about keeping work comp rates stable. Meanwhile NYS credit rating is down the tubes, debt & taxes are at all time highs, an... read more
  • May 13, 2005 at 3:15 am
    First Mate says:
    The WC system must change-cut out 50% of the fraud and rates could probably be reduced across the board, nationally. Get higher rates for sloppy, poorly managed insureds who h... read more
  • May 13, 2005 at 1:03 am
    CaptAhab says:
    Can't believe NYSID continues to keep its head in the sand and ignore the growing rate inadequacies. Looking forward to seeing the NY market implode, on top of an already sha... read more
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