New York State Insurance Superintendent Gregory Serio reportedly rejected this years’ filing by the New York Compensation Insurance Rating Board (NYCIRB) for a workers’ compensation insurance overall rate increase of 11 percent.
The Department determined that the increase requested is not supported by the information submitted to the Department in the filing and at the public hearing held almost two weeks ago.
In the Opinion and Decision, the Department also rejected the methodologies utilized by NYCIRB and detailed failures to provide information requested by the Department. The Department has concluded that NYCIRB has failed to follow through on the letter and the spirit of the sweeping 1996 workers’ compensation reforms. NYCIRB has also failed to recognize the efforts by Governor Pataki, the New York State Legislature and the business community to control what were once reportedly outrageous workers’ compensation insurance costs for the millions of working New Yorkers who depend on the workers compensation system.
Therefore, the filing has been disapproved and the rates set for 2002-2003 will remain in place.